HM Manfred Manufacturing is involved in the production of machine parts. The company uses 600,000 pounds of steel annually. The current purchasing cost for steel is $3.20 per pound. The carrying cost for inventory is 10 percent of the purchase price. The cost of ordering steel is $800 per order. The company has decided to maintain a safety stock of 15,000 pounds. The delivery time per order is 6 days. The company works 365 days a year. a. b. C. d. Determine the optimal EOQ. How many orders will be placed annually? What is the average inventory? What is the inventory order point? (That is, at what level of inventory should a new order be placed?) e. What is the company's total inventory cost for the year