PetSmart operates 48 weeks per year and uses a continuous review inventory system. It purchases dry dog food for $16 per bag. The following information is available about these bags. Refer to the standard normal table at bottom of this page. Average demand =94 bags / week Order cost =$40/ order Annual holding cost =25 percent of the unit cost Desired cycle-service level =89.97 percent Lead time =1 week constant Standard deviation of weekly demand =16 bags Current on-hand inventory is 300 bags, with no open orders or backorders. What is the total annual cycle inventory cost when the EOQ is used? dollars (Enter your response rounded to two decimal places.) PetSmart operates 48 weeks per year and uses a continuous review inventory system. It purchases dry dog food for $16 per bag. The following information is available about these bags. Refer to the standard normal table at bottom of this page. Average demand =94 bags / week Order cost =$40/ order Annual holding cost =25 percent of the unit cost Desired cycle-service level =89.97 percent Lead time =1 week constant Standard deviation of weekly demand =16 bags Current on-hand inventory is 300 bags, with no open orders or backorders. What is the total annual cycle inventory cost when the EOQ is used? dollars (Enter your response rounded to two decimal places.)