Question: Saved Help Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year, Item cost Order cost Annual holding

Saved Help Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year, Item cost Order cost Annual holding cost (8) Annual demand Average demand $ 12.00 $250.00 20 22,700 454 Standard deviation of weekly demand Lead time Service probability Iorder of item cost units /week 20 unite 1 week 900 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.) units Optimal order quantity Reorder point units b. Determine the annual holding and order costs. (Do not round any intermediate calculations. Round your final answers to 2 decimal places.) Holding cost Ordering cost

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