Question: Given the following information, formulate an inventory management system. The item is demanded 5 0 weeks a year. PARAMETER VALUE Item cost $ 7 .

Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year.
PARAMETER VALUE
Item cost $ 7.00
Order cost $ 243.00 per order
Annual holding cost 32% of item cost
Annual demand 22,100 units
Average weekly demand 442 per week
Standard deviation of weekly demand 20 units
Lead time 1 week
Service probability 95%
Determine the order quantity and reorder point.

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