Problem 1) (12 points) A produce distributor uses 2,560 packing crates a month, and each crate is purchased at a cost of \$16. The manager has assigned an annual carrying cost of 25 percent of the purchase price per crate. Ordering costs are $240. Currently the manager orders once a month. a) What is the Economic Order Quantity (EOQ) for this product? (4 pts) b) How much could the firm save annually in total holding and ordering costs by ordering at the EOQ level? ( 8 pts) (Show the computations for the total holding and ordering costs in detail) Problem 2) (14 points) A manager has just received a revised price schedule for its main product from a vendor as seen in the table below. What order quantity should the manager use to minimize total costs? Annual demand is 12,000 units, ordering cost is $180, and annual carrying cost is $3 per unit (regardless of the price per unit)