ABC company who is an apparel retailer of women's graphic T-shirts. Below is the basic information of one of the basic style T-shirts. Number of work days a year: 300 days Average daily sales: 20 pieces Unit value at cost : $8 Maximum stock: 600 pieces Minimum stock: 200 pieces Inventory carry cost-18% annually Ordering cost $22 per order Questions 1. 2. 3. 4. 5. 6. 7. 8. What is the order quantity by pieces? (0.5 mark) How many orders should be initiated in a year? (0.5 mark) Assuming complete certainty and orders are scheduled to arrive just as the last unit is sold, what is the average inventory? (0.5 mark) What is the inventory turnover rate? (0.5 mark) If maximum stock level increased to 800 pieces and 1,200 pieces, what are the new rates of inventory turnover? (1 mark) What are the implications of findings in question 5? (2 mark) What is the Economic Order Quantity (EOQ) if maximum stock at 600 pieces and minimum stock at 200 pieces, inventory carry cost: 18% annually, and ordering cost: per order? Proof your answer by calculating the total inventory cost and total ordering cost. (2 marks) The freight rate is $2.00/piece if shipping quantity below 500 pieces and there is a freight rate discount at $1.20/piece if shipping quantity above 500 pieces, what is the EOQ with consideration of the cost of inventory carrying, ordering and freight rate