Part 1 A product has demand of 500 units per month, at a cost of $20o per unit. The annual holding cost per unit is calculated as 2% of the unit purch appropriate. ase price. It costs the business $30 to place a single order. The EOQ model is a) Determine the highest number of units that should be purchased by the business. b) What is the number of orders to be placed each year for this product? c) Compute the average annual ordering cost d) Compute the average annual carrying cost e) What is the cost minimi zing solution for this product each year in total stock administration costs