A manufacturing company is evaluating whether to make or buy a component used in its production process. The company currently produces the component in-house at a variable cost of $50 per unit and fixed costs of $10,000 per year. A supplier has offered to sell the component to the company for $60 per unit. Calculate the total annual cost of making the component internally and buying it from the supplier. Discuss the relevant factors the company should consider when making the make-or-buy decision, including qualitative factors and strategic implications.