QUESTION # 2 (25 POINTS): A local machine shop buys Pliers and Hammers from the same supplier. Parameters for both items are tabulated as follows Pliers Cost 15 cents Setup Cost 100 $ Holding Cost Based on 25 % annual interest rate Average Annual Usage 20,000 Hammers 38 cents 100 $ Based on 25 % annual interest rate 14,000 a) Determine the optimal size of the orders of Pliers and Hammers, and the optimal time between placement of orders of these two items. Calculate the total optimal cost. b) If both items are ordered and received simultaneously, the setup cost of $ 100 applies to the combined order. Suppose items are ordered simultaneously when the Pliers would be normally ordered. What will be total cost c) Similarly, if all items are ordered when Hammers are ordered, what will be total cost. HINT: for part b&c, draw the inventory charts and make time between orders similar for both hammers and pliers