The annual demand for the Super Thrive brand plant food manufactured by Cumberbatch and Dunst Indoor Plants Company is 80,000 pounds. The annual holding cost (also known as carrying charge) is $0.05 per pound, and Operations Manager Kirsten Benedict has calculated the cost of setting up machinery for making the plant food to be $20. 1. What is the economic order quantity (EOQ) based on the information provided? (Round the EOQ to the next whole number).? 2. What is the annual holding (carrying) cost for the EOQ that you calculated? What is the total annual setup cost for the EOQ that you calculated? 3. Before the adoption of the EOQ model, the company had used a batch size of 10,000 pounds (i.e., Q-10,000) for making Super Thrive. What is the annual holding (carrying) cost based on this batch size? What is the annual setup cost based on the the 5,000 pounds batch size? 4. Compare the total cost of inventory management (holding + setup cost) for the two quantities (10,000 and the EOQ you calculated) and comment on the difference. Based on your knowledge of the idea behind EOQ, what explains the differences (in words - no need to reconcile the exact differences quantitatively).