3. value: 10.00 points Problem 11-21 Retailers Warehouse (RW) is an independent supplier of household items to department stores. RW attempts to stock enough items for a 99 percent service probability. A stainless steel knife set is one item it stocks. Demand (3,400 sets per year) is relatively stable over the entire year. Whenever new stock is ordered, a buyer must assure that numbers are correct for stock on hand and then phone in a new order. The total cost involved to place an order is about $15. RW figures that holding inventory in stock and paying for interest on borrowed capital, insurance, and so on, add up to about $13 holding cost per unit per year. Analysis of the past data shows that the standard deviation of demand from retailers is about six units per day for a 365-day year. Lead time to get the order is seven days. a. What is the economic order quantity? (Round your answer to the nearest whole number.) sets Economic order quantity