3. A manufacturer is planning to produce shirts. The manufacturer wishes to minimize the inventory cost of the company's best-selling shirt. The annual demand for the shirt is 50,000, and the T-shirt factory operates 240 days per year. The factory can produce the shirt at a rate of 300 shirts per day. The cost of setting up a production run is $400, and the annual inventory holding cost is $2 per shirt per year. (Round your answers to 2 decimal places.) a. (8 pts) How many shirts should the manufacturer produce for each production run? b. (4 pts) What is the maximum inventory achieved during a production run? c. (3 pts) How many production runs are needed to meet the annual demand? d. (2 pts) What is the average inventory of shirts? e. (3 pts) Calculate the total annual cost of setting up productions and holding inventory.