Each year, Stringer Company purchases 8,000 units of a part that it needs for production of its product. The supplier notified Stringer Company that a price increase will take effect shortly, which will bring the price of the part to $20 per part. Stringer Company is considering the use of idle facilities to produce the part. The annual production costs to produce the needed 8,000 parts are as follows: Direct materials $17, 500 Direct labor $30,000 Variable Indirect production costs $14,000 Fixed indirect production costs $33, 500 $95,000 If they choose to buy, Stringer can rent out the idle facilities an annual rent of $40,000. Also, $13, 500 of the fixed indirect production costs are avoidable if Stringer chooses to buy from the supplier. a) Determine the cost under each alternative and Determine if Stringer Company should buy the part or produce it internally. b) Now, assume that Stringer Company has determined that, in addition to renting the facilities for $40,000, it can avoid $20,000 in Fixed indirect production costs. Should Stringer produce the part internally or buy the part