Time conversions are important. These time conversions will be used in this homework. Assume the time standards and equivalent relationships. Assume demand relationships. Year Quarter Month Week Day Equivalent Relationships 1 4 12 48 240 1 year = 4 quarters = 12 months = 48 weeks = 240 days 1 3 12 60 1 quarter = 3 months = 12 weeks = 60 days 4 1 month = 4 weeks = 20 days 1 week = 5 days 1 1 20 5 Demand = 4800 units/year Year Quarter Month Week Day 4800 1200 400 100 20 1200 400 100 20 400 100 20 100 20 Question 1. Consider the terminology, concepts, and approach to inventory. How many statements are correct? 0 1 2 3 (A) Primary function of inventory is to balance customer service with inventory cost. (B) The two fundamental questions of inventory are "How much to order from the supplier?" and "When to order from the supplier?". (C) Stockout is unmet demand. Safety stock is inventory to guard against stockout. As safety stock increases, the stockout level increases