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

Given the following information, formulate an

Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. Determine the order quantity and reorder point. Item cost Order cost Annual holding cost (%) Annual demand Average demand $ 7.00 $ 283.00 32% of item cost 22,100 442 per week Standard deviation of weekly demand Lead time Service probability 20 per week 1 week 95 % A) Optimal order quantity: 2363 units, Reorder point: 644 units B) Optimal order quantity: 1987 units, Reorder point: 475 units C) Optimal order quantity: 1245 units, Reorder point: 394 units D) Optimal order quantity: 2363 units, Reorder point: 475 units

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