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 $300$ days.

$\backslash$table$[[$Setup labor cost,$$60\mathrm{.}00$ per hour$],[$Annual holding cost,$$20$ per unit$],[$Daily production $(8$ hours$),960$ units$/$day$],[$Annual demand for steering wheels,$36,000(300$ days $$ daily demand of $120$ units$)],[$Desired lot size $(2$ hours of production$),Q=240$ units$]]$

a$)$ Setup cost $=$$ $($round your response to two decimal places$).$

b$)$ Setup time $=$ minutes $($round your response to two decimal places$).$