Problem Statement: John Ferrigamo (J.F) located in Toronto provides custom suits for its celebrity clientele. They have been researching a new material, which will be sourced from Italy (Manufactured by: Capriani S.R.L). Capriani manufacturing facility operates 360 days and produces about 400 meters of the new material per day. The cost of setting up the manufacturing process for a single production run is $720. J.F estimates an annual demand of 20,000 meters with an estimated annual carrying cost of $2.75 per meter. With the above provided information, calculate the following: a) Optimal batch size [3 points] b) Total inventory cost [3 points] c) Length of time to produce a batch [2 points) d) Average inventory level [2 point] e) Time between batches (2 point]