Given the following information, formulate an inventory management system. The item is demanded $50$ weeks a year.PARAMETERItem costOrder costAnnual holding costAnnual demandAverage weekly demandStandard deviation of weekly demandLead timeService probabilityVALUE$ $7\mathrm{.}00$$ $218\mathrm{.}00$ per order$27\%$ of item cost$23,500$ units$470$ per week$20$ units$3$ week$99\%$a$.$ Determine the order quantity and reorder point.Note: Use Excel's NORMSIN$()$ function to find the correct critical value for the given d$-$level. Do not round intermediate calculations. Round $"$z$\text{'}$ value to $2$ decimal places and final answer to the nearest whole number.