Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot size. The firm uses a work year of 305 days Setup labor cost Annual holding cost $40.00 per hour $10 per unit 800 units/day Daily production (8 hours) 30,500 (305 days x daily demand of 100 units) Q = 200 units Annual demand for steering wheels Desired lot size (2 hours of production) a) Setup cost = $160 (round your response to two decimal places)

*) Setup cait v