Given the following information, formulate an Inventory management system. The item is demanded 50 weeks a year. PARAMETER Item cost Order cost Annual holding cont Annual demand Average weekly demand VALUE $11.00 $270.00 371 of item cost 23,400 468 per week PARAMETER Standard deviation of weekly demand Lond time Service probability VALUE 25 per week 3 week 950 a. Determine the order quantity and reorder point. (Use Excel's NORM.S.INVO) function to find the z value. Round z value to 2 decimal places and final answer to the nearest whole number.) Optimal order quantity Reorder point units units b. Determine the annual holding and order costs. (Round intermediate calculations to 2 decimal places. Round your answers to 2 decimal places.) Holding cost Ordering cost unit units C. Assume a price break of $60 per order was offered for purchase quantities of 2,300 or more units per order. If you took advantage of this price break, how much would you save annually? (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Anirual savings