Question: Given the following information, formulate an inventory management system. The item is demanded 50 week a year. a. What is the economic order quantity? (Enter

Given the following information, formulate an inventory management system. The item is demanded 50 week a year.

a. What is the economic order quantity? (Enter only a number with one decimal place. e.g., 12.3)

b. What is the reorder point? (Enter only a number with one decimal place. e.g., 12.3) Hint: for service probability of 95%, z = 1.64

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