Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. PARAMETER Item cost Order cost Annual holding cost Annual demand Average weekly demand Standard deviation of weekly demand Lead time Service probability Optimal order quantity Reorder point VALUE $ 10.00 $ 207.00 per order Holding cost Ordering cost 24% of item cost 24,300 units units units 486 per week 20 units a. Determine the order quantity and reorder point. Note: Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final answer to the nearest whole number. 3 week 90% b. Determine the annual holding and order costs. Note: Do not round any intermediate calculations. Round your final answers to 2 decimal places.

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 the correct critical value for the given a-level. Do not round intermediate calculations. Round " zn value to 2 decimal places and final answer to the nearest whole number. b. Determine the annual holding and order costs: Note: Do not round any intermediate calculations. Round your final answers to 2 decimal places. Siven 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 0 function to find the correct critical value for the given a-level. Do not round intermediate calculations. Round " z " value to 2 decimal places and final answer to the nearest whole number. b. Determine the annual holding and order costs. Note: Do not round any intermediate calculations. Round your final answers to 2 decimal places. b. Determine the annual holding and order costs. Note: Do not round any intermediate calculations. Round your final answers to 2 decimal places. c. Assume a price break of $60 per order was offered for purchase quantities of 2,100 or more 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