1) A firm orders on average 400 wheels each month. Demand is normally distributed with standard deviation of the monthly demand being 20 wheels. The ordering cost is $8 per order. The cost to buy one wheel is $4 per wheel. Annual carrying costs are 50% of unit cost. The supplier lead time is 2 operating days. The firm operates 240 days per year, in other word, the firm operates 20 days each month. Each order is received from the supplier in a single delivery. There are no quantity discounts. Write your answer and then Round your answer up to the nearest number for future calculation. (e.g 9.6 => 10). Please clearly write down the formulation and calculation for Your answers. Note: Here I make the time measures bolded for you to make you pay the attention to their differences. Please notice the difference in times measure units, so that you do not make mistake by doing calculations with different time measures. You nesd to convert the data to the same time measures before doing any calculation. Another useful tool is to summarize your data in a table, like what I did in the lecture. 1a. What should be the model here, EOQ or EPQ? Why? 1b. What quantity should the firm order with each order? 1 1c. How many times per year will the firm order? 1d. How many days will elapse between two consecutive orders? 1e. What is the reorder point if the firm carries a safety stock of 10 wheels? 1f. What is the firm's minimum total annual cost of placing orders & carrying inventory?