Question 1 The Covid-19 pandemic has put the medical device industry under intense pressure to supply huge amounts of equipment, with the most urgent challenge to plug the gap in the number of medical ventilators required. MedVen is a major medical device manufacturing company in the Asia Pacific region, based in Singapore. A major product manufactured by MedVen is Medical Ventilator X. A key component of medical ventilator X is air valve Y. Each unit of X requires two units of Y. Currently, it takes 4 hours to assemble one unit of X and MedVen assembles 480 units of X per work day of 8 hours. The average worth of each unit of X is $450. Given MedVen currently holds an average of (300 + 100*Z) units of Y in raw material inventory as a buffer, where Z is the last digit of your Student PI number. Example: If your Student PI number is W1234567, then Z = 7 and the average raw material inventory of Y as buffer is 300 + 100*7 = 1,000 units. Propose an approach to determine the current process performance by addressing the following questions: (1) Calculate the average total number of Y that is currently held by MedVen. What is their total worth in monetary value? (10 marks) (ii) Compute the number of days of supply held in raw material inventory for Y