MAN 341 Inventory Exercise II An operations manager is considering the ordering policy for a standard product which faces demands with very little (negligible) variability. The firm estimates that the demand for the product is 12000 units per year and they can acquire each unit at a cost of $10. The fixed ordering cost is $1000. The firm estimates its cost of capital at 6% per year and the cost of physically storing a unit for one month is $0.5. The manager observes that the EOQ model is the appropriate model in this setting. Determine the economic order quantity for this product? What is the corresponding annual cost? What is the corresponding inventory turnover rate