5) Prince Pots produces pots and pans aplenty. The manufacturing process at Prince Pots involves taking a flat sheet of steel and stamping it into a pot. Keeping inventory on-hand to stamp pots, as well as moving inventory, is an ongoing issue, one which Prince hopes you can help with. Use the following information to answer the ensuing question.
	Demand for pots is 26 pots a day.
	There are 260 working days in a year.
	It costs $65 to carry a pot in the warehouse over an entire year.
	Each order for pots cost $72.
(a) Determine the economic order quantity.
(b) What is the average number of pots on hand?
(c ) How many orders per year will there be?
(d) Report the costs associated with carrying the pots in the warehouse and the costs for ordering materials for the pots. In addition, explain how these numbers were attained from the analysis.
(e ) Suppose that Prince wishes for there to be a lead time of 3 days (i.e. supply arrives 3 days before the inventory runs to zero). How many items on-hand will there be when it is time to re-order?