Question: Problem 1. Inventory control: EOQ A company makes bicycles. It produces 450 bicycles a month. It buys the tires for bicycles from a supplier at

Problem 1. Inventory control: EOQ A company makes bicycles. It produces 450 bicycles a month. It buys the tires for bicycles from a supplier at a cost of $20 per tire. The company's inventory holding cost is estimated to be 15% of cost and the ordering is $50 per order. Answer all questions below: Problem 2. What is inventory? Problem 3. Why is inventory necessary? Problem 4. What are the disadvantages of holding inventory? Problem 5. How much inventory should an operation hold? Problem 6. When should an operation replenish its inventory? Problem 7. How can inventory be controlled

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