7. A company decides to establish an EOQ for an item. The annual demand is 400,000 units, each costing $8, ordering costs are $32 per order, and inventory-carrying costs are 20%. Answer the following Questions. (Performance criterion: 1.1) a) The EOQ in units (4 points). Write down the calculation procedure. Answer: 14 points in total b) Number of orders per year (4 points). Write the calculation procedure. c) Cost of ordering, cost of carrying inventory, and total cost (2 points each answer). Cost of orders: Cost of carrying inventory = Total cost =