You have calculated the economic order quantity (EOQ) for an item to be 500 units per order. In the past, you were placing orders for 1,000 units at a time for this particular item. Which of the following statements is true? The old policy had higher annual inventory carrying costs than ordering the EOQ quantity The old policy had lower annual inventory carrying costs than ordering the EOQ quantity The old policy had lower annual ordering costs than ordering the EOQ quantity Changes in ordering and carrying costs cannot be determined