Alfred Wood operates a factory that manufactures bread and cakes. One of the major raw materials used is organic maize, which he buys for $5 per kilogram. The factory operates for 350 days each year. The following information has been provided: Annual usage of maize 80 000 kilograms Average time between placing and receiving order 4 days Estimated cost of ordering and receiving inventory (per order) Estimated annual cost of carrying a kilogram of 50.50 maize in stock Required: 1 Use the above data to calculate: (a) Economic order quantity (EOQ). (b) Number of orders per year. 2 Wood has recently heard of just-in-time (JIT) purchasing, and wonders if he should use it in his business. However, he is very concerned that the cost of placing frequent orders will be too high. Explain the advantages of JIT purchasing and address specifically his concerns about cost