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Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. a. Determine the order quantity and reorder point.

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Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. a. Determine the order quantity and reorder point. Note: Use Excel's NORMSINV() function to find your z-value and then round that z-value to 2 declmal places. Do not round any other lntermedlate calculatlons. Round your final answers to the nearest whole number. b. Determine the annual holding and order costs. Note: Do not round any Intermedlate calculetions. Round your final answers to 2 declmal places. c. Assume a price break of $50 per order was offered for purchase quantities of 2,000 units per order. If you took advantage of this price break, how much would you save annually? Note: Do not round any Intermediate calculations (including number of setups per year). Round your final answer to 2 decimal places

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