Problem 16.1 Question Help Carol Cagle has a repetitive manufacturing plant producing trailer hitches in Arlington, Texas. The plant has an average inventory turnover of only 12 times per year. He has therefore determined that he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip: Setup labor cost $20 per hour Annual holding cost $12 per unit Daily production 1,008 units/8 hour day Annual demand 33,000 (275 days each x daily demand of 120 units) Desired lot size 126 units (one hour of production) To obtain the desired lot size, the set-up time that should be achieved = minutes (round your response to two decimal places)