A company produces and sells a special type of industrial wrenches mainly made out of steel. The company faces two main types of costs: cost of internal production and cost of purchasing steel from a supplier. For internal production, the company has to pay $8,000 of fixed cost and an additional labor cost of $40 per unit of wrench produced. For each wrench produced, the company needs 2 pounds of steel. Based on the quantity the company decides to produce, it orders steel from the supplier. The supplier does not like to see small orders from the company, and therefore charges a flat fee of $5000 for any order quantity up to 500 pounds of steel, but if the quantity of steel ordered is more than 500 pounds, the supplier charges a cost of $100 per pound of steel. The following figure shows a base layout for building a spreadsheet for this problem: D quantity of wrenches produced see the problem 2 Total cost of intemal production fed cost of production labor cost of production per unit 3000 40 5 Total purchase cost of steel 7 steel needed per wrench produced 2 pounds of steel needed BT : Total cost E37 10 11 If the company decides to produce 670 wrenches, what would be the total cost the company would face? Which of the following Excel functions would properly calculate the total purchase cost of steel in cell E7, no matter what range of values is put for quantity of wrenches produced in cell B1? CIF(B8