Return to question Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year Item cost Order cost Annual holding cost (5) Annual demand Average demand $9.00 $230.00 34 27,500 550 order % of item cost units /week Standard deviation of wekly demand Lead time Service probability 30 units 3 week 98% a. Determine the order quantity and reorder point. (Use Excel's NORMSINV() function to find your z-value and then round that - value to 2 decimal places. Do not round any other intermediate calculations, Round your final answers to the nearest whole number.) Answer is complete and correct. Optimal order quantity Roorder point 2.033 units 1.757 units 15 *** Next > Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion, Return to question b. Determine the annual holding and order costs. (Do not round any intermediate calculations. Round your final answers to 2 decimal places.) Answer is complete and correct. Holding cost Ordering out 21109 3.111.17 c. Assume a price break of 550 per order was offered for purchase quantities of 2100 units per order. If you took advantage of this price break, how much would you save annually (Do not round any intermediate calculations (including number of setups per year). Round your final onewer to 2 decimal places.) Answer is complete but not entirely correct. Awal savings SLO