Question: The answer that I have for optimal order quantity is correct, I just can't figure out the rest. Problem 11-15 Given the following information, formulate

The answer that I have for optimal order quantityThe answer that I have for optimal order quantity is correct, I just can't figure out the rest.

Problem 11-15 Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. Item cost Order cost Annual holding cost (%) Annual demand Average demand $ 9.00 $ 288.00 30 % of item cost 27,500 550 per week Standard deviation of weekly demand Lead time Service probability 30 per week 2 weeks 98 % a. Determine the order quantity and reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final answer to the nearest whole number.) 2422 units Optimal order quantity Reorder point units b. Determine the annual holding and order costs. (Round your answers to 2 decimal places.) Holding cost Ordering cost $ $ C. Assume a price break of $55 per order was offered for purchase quantities of 2,300 or more units per order. If you took advantage of this price break, how much would you save annually? (Round your answer to 2 decimal places.) Annual savings

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