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

\begin{tabular}{|c|c|c|c|} \hline Item cost & $12.00 & Average demand & 525 per week \\ \hline Order cost & - $300.00 & \begin{tabular}{l} Standard deviation of \\ weekly demand \end{tabular} & 30 per week \\ \hline \begin{tabular}{l} Annual holding cost (\%) \\ Annual demand \end{tabular} & \begin{tabular}{l} 25% of item cost \\ 26,250 \end{tabular} & \begin{tabular}{l} Lead time \\ Service probability \end{tabular} & \begin{tabular}{l} 2 week \\ 95% \end{tabular} \\ \hline \end{tabular}