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 $ 11.00 $277.00 32% of item cost 26,900 538 per week PARAMETER Standard deviation of weekly demand Lead time Service probability VALUE 30 per week 1 week 90% 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 $55 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.)