Inventory costs can be categorized as the costs incurred for holding the inventory, the costs of ordering and receiving the inventory, and the cost of running out of inventory.

Carrying costs relate to the placing and receiving of orders for inventory.

The number of units in the optimal size order is called the economic ordering quantity $($EOQ$).$ Piven Company purchases custom$-$made durable packing boxes to ship its equipment. Each year, Piven uses $70,000$ boxes. It costs Piven $$42$ to place each order, and the purchase price is $$1\mathrm{.}92$ per box. An analysis indicates that carrying costs are $25\%$ of the purchase price.

Based on the information provided, solve for the values under Piven$$s EOQ policy in the following table.

Value

EOQ for packing boxes $3,500$ boxes

Number of orders per year $20$ orders

Total ordering cost for the year $$840\mathrm{.}00$

Total carrying cost for the year

Total inventory cost per year