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 $250.00 /order 33 % of item cost 25,750 units 515 /week PARAMETER Standard deviation of weekly demand Lead time Service probability VALUE 25 units 1 week 95% a. Determine the order quantity and reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Do not round intermediate calculations. 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. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Holding cost Ordering cost 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