Question: Problem 2 0 - 1 5 ( Algo ) Given the following information, formulate an inventory management system. The item is demanded 5 0 weeks

Problem 20-15(Algo)
Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year.
PARAMETERVALUEItem cost$ 8.00Order cost$ 178.00per orderAnnual holding cost29%of item costAnnual demand28,100unitsAverage weekly demand562per weekStandard deviation of weekly demand25unitsLead time4weekService probability98%
Determine the order quantity and reorder point.

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