Required information The following information applies to the questions displayed below. Fiber Technology, Inc., manufactures glass fibers used in the communications industry. The company's materials and parts manager is currently revising the inventory policy for XL-20, one of the chemicals used in the production process. The chemical is purchased in 10-pound canisters for $107 each. The firm uses 6,000 canisters per year. The controller estimates that it costs $162 to place and receive a typical order of XL-20. The annual cost of storing XL-20 is $5.20 per canister Required: 1. Prepare a table showing the total annual cost of ordering and storing XL-20 for each of the following order quantities: 500, 1,000, and 2,000 canisters. Order size 500 1000 2000 Number of orders Ordering cost Average inventory Holding costs Total annual costs