3. Each year, the Black Hills Company purchases 22,000 of an item that costs $14 per unit. The cost of placing an order is $8, and the cost to hold the item for 1 year is 24 percent of the unit cost. a. Determine the economic order quantity for the part. b. Compute the average inventory level, assuming that the minimum inventory level is zero. c. Determine the total annual ordering and holding costs for the item if the EOQ is order quantity