A well-known professional taxidermist pursuing an MBA degree is planning a strategy for restocking the chemicals inventory. There is a yearly demand of 24 gallons of polyester resin. The ordering cost per order is $10.00 and the holding cost per gallon each year is $0.83. In the past, the taxidermist ordered only the monthly demand of two gallons per month. However, after a quantitative methods class, the taxidermist decided to estimate the economic order quantity.

Which decision should this taxidermist make to minimize the total inventory cost when ordering? (please provide step-by-step explanations in determining decision)

Ordering once a month

Ordering once a year

Ordering twice a month

Ordering twice a year

Thank you!