Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. PARAMETER Item cost Order cost Annual holding cost Annual demand Average weekly demand VALUE $ 10.00 $265.00 31% of item cost 22,600 452 per week PARAMETER Standard deviation of weekly demand Lead time Service probability VALUE 25 per week 3 week 95% a. Determine the order quantity and reorder point. (Use Excel's NORM.S.INV() function to find the z value. Round z value to 2 decimal places and final answer to the nearest whole number.) units Optimal order quantity Reorder point units b. Determine the annual holding and order costs. (Round intermediate calculations to 2 decimal places. Round your answers to 2 decimal places.) units Holding cost Ordering cost units c. Assume a price break of $50 per order was offered for purchase quantities of 2,000 or more units per order . If you took advantage of this price break, how much would you save annually? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual savings