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 $295$ days.

Setup labor cost

$$$$60\mathrm{.}00$ per hour

Annual holding cost

$$$$14$ per unit

Daily production$(8$ hours$)$

$880$units$/$day

Annual demand for steering wheels

$30,975(295$ days$\backslash$times daily demand of $105$units$)$

Desired lot size$(2$ hours of$$ production$)$

Q$=220$ units

Part $2$

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

Part $3$

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