Bill Penny has a repetitive manufacturing plant pro- ducing trailer hitches in Arlington, Texas. The plant has an aver- age inventory turnover of only 12 times per year. He has therefore determined that he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip: Annual demand = 31,200 units Daily demand 120 units Daily production (in 8 hours) = 960 units Desired lot size (1 hour of production) = 120 units Holding cost per unit per year = $12 Setup labor cost per hour $20 How many minutes of setup time should he have his plant manager aim for regarding this component? ...