3. QPD Co. Ltd. produces a product which carries an annual demand of 10,000. Production averages 100 per day, while demand stands at 40 per day. Holding costs are $1.50 per unit per year; set-up costs $200.00. (a) If they wish to produce this product in economic batches, what size batch should be used? (b) What is the length of time in days to producing one lot? (c) What is the maximum inventory level? (d) How many order cycles are there per year? (e) Determine the total annual inventory cost? [5 pts] [5 pts] [5 pts] [5 pts] [10 pts]