Surved Help Sove & Exit Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. PARAMETER Item cost Order cost Annual holding cost Annual deland Average Keekly demand VALUE $ 7.00 $283.ee 32% of item cost 22,100 442 per week PARAMETER Standard deviation of weekly demand Lead time Service probability VALUE 20 per week 1 week 95% a. Determine the order quantity and reorder point (Use Excel's NORM.S.INV() function to find the z value. Round z value to 2 decimal places and final answer to the nearest whole number.) Optimal order quantity Reorder point units units b. Determine the annual holding and order costs. (Round intermediate calculations to 2 decimal places. Round your answers Herimal places. 9 70% Wadaunch 2F%252Fnewconnect.mheducation.com%252F#/activityqu ent Week 5 Saved Help Save & Exit Submit b. Determine the annual holding and order costs. (Round Intermediate calculations to 2 decimal places. Round your answers to 2 decimal places.) Holding cost Ordering cost units units c. Assume a price break of $50 per order was offered for purchase quantities of 2.200 or more units per order. If you took advantage of this price break, how much would you save annually? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual savings 70% i do o e arch