Problem: A food store consumes an average of 3,000 units each month of a specific product. Customer demand is normally distributed with the standard deviation of the month of demand being 200 units. The store pays $10 for each unit to the supplier. The cost of ordering and receiving a shipment is $14 per order. The annual inventory carrying cost is 20% of the value of this product. The supplier lead time is 2 operating days. The shop operates 240 days per month. Each order is received from a supplier in a single delivery. Fixed order quantity inventory system is used, and the supplier is paid when the order is dered (cash on delivery). There are no quantity discounts. Please show your work with formulas and inputs used to obtain full credit for each answer. 1. What quantity should the store order with each order? 2. How many times per year will the shop order on avg? 3. How many operating days will elapse between 2 consecutive orders? 4. What is the store's minimum total annual cost of placing orders and carrying inventory (cycle stock)? 5. The company carries 60 units of safety stock. What is the annual cost to carry that safety stock? 6. What is the standard deviation of demand during the lead-time period? 7. What is the safety stock if the store maintains a service level of 95% ? 8. What is the reorder point if the store maintains a service level of 95% ? Formula Sheet_Inventory Mgmt.pdf