Given the following information , formulate inventory management system The item is demanded 50 weeks a year cost ( ) Average Standard deviation of Service probability a Determine the order quantity and reorder point Use Excel's NORMSINV function to find your value and then round that 2 decimal places not round any other intermediate calculations Round your final answers to the nearest whole number ) the holding order round any intermediate calculations Round your final answers to 2 dectmal places price breek of 55 per order offered for of 2300 of this you not round any intermediate calculations setups per years Round your final to 2 decimal places )

Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year Item cost Order cost Annual holding cost (%) Annual demand Average demand $ 9.00 $258.00 30 27,500 550 30 units 2 week 98% Standard deviation of weekly demand Lead time Service probability /order % of item cost units /week a. Determine the order quantity and reorder point (Use Excel's NORMSINV() function to find your z-value and then round that 2- value to 2 decimal places. Do not round any other intermediate calculations. Round your final answers to the nearest whole number) Optimal order quantity Reorder point units units b. Determine the annual holding and order costs (Do not round any intermediate calculations. Round your final answers to 2 decimal places.) Holding cost Ordering cost c. Assume a price break of 555 per order was offered for purchase quantities of 2.300 units per order if you took advantage of this pnce break, how much would you save annually? (Do not round any intermediate calculations (including number of setups per year). Round your final answer to 2 decimal places.) Annual saving