The Congle Company uses 40,000 wongles a year. Each wongle costs £1.25 to buy; stockholding costs are estimated to be 32 per cent per annum of the cost of the inventory held; each order costs £20 to place. What ordering quantity will minimize costs? How many orders will be placed each year? How often will goods be delivered, and what is the average inventory level? What is the annual stockholding cost?