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 $40.00 per hour $16 per unit Annual holding cost Daily production (8 hours) 800 units/day Annual demand for steering wheels Desired lot size (2 hours of production) 32,025 (305 days x daily demand of 105 units) Q = 200 units a) Setup cost $ (round your response to two decimal places) +00 8 Carol Cagle has a repetitive manufacturing plant producing trailer hitches in Arlington, Texas. The plant has an average inventory turnover of only 12 times per year. He has therefore determined that he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip: $20 per hour $15 per unit Setup labor cost Annual holding cost Daily production Annual demand Desired lot size 976 units/8 hour day 30,000 (250 days each x daily demand of 120 units) 122 units (one hour of production) To obtain the desired lot size, the set-up time that should be achieved = minutes (round your response to two decimal places)