PRODUCTION/OPERATIONS MANAGEMENT (MGT613) ASSIGNMENT NO.2 FALL 2021 Due Date: February 22, 2022 Marks: 10 Learning objectives: The students will be able to know the procedure for different inventory management decisions. Description: Asfand Pvt Ltd. is working as a distributor for a renowned tire company in Punjab. Next year, the company expects to sell 19,200 steel-belted radial tires of a certain size and tread design. The annual carrying cost is Rs 1600 per tire, and the ordering cost is Rs 7500. Questions: Based on the above information, you are required to calculate the following: A. What is EOQ? (Marks:3) B. How many times a year the store needs to re-order. (Marks:3) C. What is the total annual cost if an EOQ quantity is ordered? (Marks:4) Important Note: You are required to present a complete solution with formulas and calculations. Failure to do this will result in a deduction of marks.