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= Homework: Portfolio 4 Part 4 (chapter 16) Question 2, Problem 16.3 Part 1 of 2 HW Score: 40%, 4 of 10 points O Points: 0 of 2 Save Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot size. The firm uses a work year of 295 days. Setup labor cost $40.00 per hour Annual holding cost $15 per unit Daily production (8 hours) 880 units/day Annual demand for steering wheels 30,975 (295 days x daily demand of 105 units) Desired lot size (2 hours of production) Q = 220 units a) Setup cost = $ (round your response to two decimal places)