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Question 4 (7 marks): A company attempts to market their new brand "Dr. Dolitter" cat litter. The demand is estimated at 1,000,000 bags per year. Costs to hold one bag in stock for a year are estimated at one persent of the price of $10, and ordering costs are $2,000. (a) Determine the optimal order quantity and the associated total costs, including purchasing costs. How many orders should be placed in each year? Given 250 working days per year, what is the cycle time? (b) Given a lead time of 60 days, what is the reorder point? (c) Suppose that our supplier charges $10 but is willing to sell the bags for $9,99 if we order at least 800,000 each time we place an order. Determine the costs of the individual options \& choose the optimal strategy