Find Missing Data for EOQ: Goliard Company manufactures Errantos, a consumer product, in optimal production runs of 3,500 units 20 times per year. It is estimated that the setup costs (including nonproductive labor) amount to $717.50 for each batch. The company's cost of capital is 20 percent, and the out-of-pocket cost to store an Erranto for one year is $1.60.

Required: Solve for the unknown inventory cost of an Erranto.