Problem 11-24 (Static) Retailers Warehouse (RW) is an independent supplier of household items to department stores, RW attempts to stock enough items for a 98 percent service probability A stainless steel knife set is one item it stocks. Demand (2,400 sets per year) is relatively stable over the entire year. Whenever new stock is ordered, a buyer must ensure that numbers are correct for stock on hand and then phone in a new order. The total cost involved to place an order is about $5.RW figures that holding inventory in stock and paying for interest on borrowed capital insurance, and so on, add up to about $4 holding cost per unit per year. Analysis of the past data shows that the standard deviation of demand from retailers is about four units per day for a 365-day year. Lead time to get the order is seven days. a. What is the economic order quantity? (Round your answer to the nearest whole number.) Economic order quantity sets b. What is the reorder point? (Use Excel's NORM.S.INV function to find the z value. Round z value to 2 decimal places and final answer to the nearest whole number.)