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a) Setup cost = $ 9.80 (round your response to two decimal places). b) Setup time = minutes (round your response to two decimal places). X Problem 16.3 Question Help 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 300 days. Setup labor cost $60.00 per hour Annual holding cost $15 per unit Daily production (8 hours) 1,040 units/day Annual demand for steering wheels 36,000 (300 days x daily demand of 120 units) Desired lot size (2 hours of production) Q = 260 units