Question: Given the following information, formulate an inventory management system. The item is demanded 50 weeks a yeac. a. Determine the order quantity and feorder point.

is demanded 50 weeks a yeac. a. Determine the order quantity and

Given the following information, formulate an inventory management system. The item is demanded 50 weeks a yeac. a. Determine the order quantity and feorder point. Note: Use Excel's NORMSINV() function to find your x-value and then round that z-value to 2 decimal places. Do not round any other intermediate calculations. Round your final answers to the nearest whole number. b. Determine the annual holding and order costs. Note: Do not round any intermediate calculations. Round your final answers to 2 decimal places. c. Assume a price break of $50 per order was offered for purchase quantities of 2,000 units per ordec. If you took advantage of this price break, how much would you save annually? Note: Do not round any intermediate calculations (including number of setups per year). Round your final answer to 2 decimal places

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