Lady Raider Inc. manufactures trailer hitches in Lubbock, Texas. The plant has an average inventory turnover of only 12 times per year. Management has determined to reduce their component lot sizes. The following data is for one component called the safety chain chip. How many minutes of setup time should the plant manager aim for this component? Annual Demand =32,000 units Daily Demand =120 units per day (assuming a 250 day work year) Daily Production Rate =1,000 units per day Production EOQ Desired =120 units Carrying Costs =$12 per unit per year Hourly Labor Rate =$20 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 2.3 minutes b 4.7 minutes c 7.1 minutes d 9.3 minutes e 11.6 minutes