9. Midwest Precision Control Corporation is trying to decide between two alternate Order Plans for its inventory of a certain item. Irrespective of the plan to be followed, demand for the item is expected to be 1,000 units annually. Under Plan 1st, Midwest would use a teletype for ordering; order costs would be Rs. 40 per order. Inventory holding costs (carrying cost) would be Rs. 100 per unit per annum. Under Plan 2nd order costs would be Rs. 30 per order. And holding costs would 20% and unit Cost is Rs. 480.

Find out EOQ and Total Inventory Cost than decide which Plan would result in the lowest total inventory cost?