Carol Cagle has a repetitive manufacturing plant producing trailer hitches in Arlington, Texas. The plant has an average inventory turnover of only 12 times per year. He has therefore determined that he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip: To obtain the desired lot size, the set-up time that should be achieved = minutes (round your response to two decimal places). To obtain the desired lot size, the set-up cost that should be achieved is: S=2DQ2H(1pd), where D is annual demand, Q is desired lot size in units per hour, H is annual holding cost, d is demand per working day, and p is the daily production rate. Then, the set-up time is: Setuptime=HourlylaborrateS, where S is the set-up cost that achieves the desired lot size and the hourly labor rate is the setup labor cost per hour given in the problem. Be sure to convert to minutes by multiplying by 60