Jimmy Jones operates a factory that manufactures concrete statues. One of the major raw materials used is cement, which Jimmy buys for $5 per kilogram. The factory operates for 350 days each year. The following information has been provided: Annual usage of cement Average time between placing and receiving order for cement4 days Estimated cost of ordering and receiving inventory (per order) $8 Estimated annual cost of carrying a kilogram of cement in stock $0.50 80,000 kilograms Required: a) Use the above data to calculate: i. Economic order quantity (EoQ) i. Number of orders per year (3 marks) 4 marks) b) After an analysis of the cost of storing cement, including the cost of wasted space and inefficiency, Jimmy discovered that the annual carrying cost could be reduced to $0.20 per kilogram. Jimmy negotiated a Just-ln-Time (JIT) purchasing arrangement with a major supplier of cement and from this discussion the cost of placing an order for cement could be reduced to just $2 per order. Calculate: i. Economic order quantity (EOQ) i. New number of orders per year (4 marks)