Question 3 (20) MedTech Laboratories does 100000 sodium serum test for their local Hospitals per year and order 6 times per year (every second month). The Roche ISE reagent kits are purchased from R diagnostics for R500 each and the fixed ordering cost for placing amd receiving orders of these kits amounts to R100 per order. The cost of capital is 10%. MedTech Laboratories incur storage cost of R300, inventory insurance cost of R800 and depreciation and obsolescence (expiries) cost of R6 000 per year. Give a brief referenced description of each term then do the calculations and comment on your answers 3.1. Calculate total cost of carrying the Roche ISE reagent kits 3.2. Calculate the total annual ordering cost of the Roche ISE reagent kits 3.3. Calculate the Economic order quantity 3.4. Suppose MedTech Laboratories keeps a safety stock of 1000 units. With will the carrying cost be for MedTech Laboratories considering the safety stock. 3.5. Discuss inventory management using First In First Out (FIFO) as well as Last In First Out (LIFO) in context of consumables and reagents within your current laboratory