Instructions: Please prepare written responses to the following questions. Wherever calculations are required, be sure to show your work, including any formulas that were used. Round numbers to nearest two decimal places. This is an individual assignment, meaning that students are expected to produce their own original work. In accordance with Northern College's Academic Integrity Policy, students must not share their work with other students and must not copy work from other students. Any violations of this policy will be subject to penalty per the Academic Integrity Policy. Your assignment must be submitted no later than 11:59 p.m. on Tuesday, September 26, 2023. 1. If the opening inventory is 1350 units, demand is 900 units, and production is 1200 units, what will be the ending inventory? ( 2 points) 2. On the average, a firm has an eight-week lead time for work-in-process, and annual cost of goods sold is $16 million. Assuming that the company works 50 weeks a year: a. What is the dollar value of the work-in-process? (5 points) b. If the lead time could be reduced to five weeks, what would be the reduction in WIP? (2 points) 3. On the average, a company has a work-in-process lead time of 10 weeks and annual cost of goods sold of $30 million. Assuming that the company works 50 weeks a year: a. What is the dollar value of the work-in-process? ( 2 points) b. If the work-in-process could be reduced to five weeks and the annual cost of carrying inventory was 20% of the WIP inventory value, what would be the annual savings? ( 3 points)