Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. PARAMETER VALUE Item cost $8.00 Order cost $178.00 /order Annual holding cost 29 % of item cost Annual demand 28,100 units Average weekly demand 562 /week Standard deviation of weekly demand 25 units Lead time 4 week Service probability 98 % a. Determine the order quantity and reorder point. (Use Excels NORMSINV( ) function to find your z-value and then round that z-value to 2 decimal places. Do not round any other intermediate calculations. Round your final answers to the nearest whole number.) Optimal order quantity Answer 2057 units Reorder point Answer 576 units b. Determine the annual holding and order costs. (Do not round any intermediate calculations. Round your final answers to 2 decimal places.) Holding cost($)Answer 2386.12 Ordering cost($)Answer 2431.60 c. Assume a price break of $50 per order was offered for purchase quantities of 2,100 units per order. If you took advantage of this price break, how much would you save annually? (Do not round any intermediate calculations (including number of setups per year). Round your final answer to 2 decimal places.)