Problem #$51($Show Calculations$)$: Suppose a company has $1,000$ units of a raw material part on hand. If $750$ of these units are routed into production, should the company place an order to stock up on more of these parts? In a one $(1)$ page response, determine the economic order quantity $($EOQ$)$ for this part, assuming the following:

The company plans to use $10,000$ units during the coming year.

The company orders this part in lots of $1,000$ units, and each order placed carries a processing cost of $$2\mathrm{.}50.$

Each unit of inventory carries an annual holding cost of $$6\mathrm{.}40.$