The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit indering cost, and the cost of goods ordered the assumptions for that modet are that only a singte item is considered, that the entre quantity ordered armet at one time hat the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and allow for multiple items that are independent except for a restriction on the amount of space avalable to store the products. ollowing model describes this situation: (et Dj= annual demand for item j Cj= unit cost of item S. = cost per order placed for item j i= inventory carrying charpe as a percentage of the cost per unit W= the maxumum amount of space ovailable for all goods w - space required for item / The decision vanables are Q, the arnount of item j to order. The model is: Minimize j=1N[CjDj+QjsjDi+iCj2Qj] s.t j=1NwjQjW Qj0j=1,2,N In the objective function, the first term is the annual cost of goods, the second is the annual oedering cost (O)/Q is the number of onders), and the tast term is the annual inventory holding cost(Qj/2 is the average amount of inventary). set up a spreadsheet model for the following dati: j=0.3W=5,000 The decision variables are Q, the amount of item j to order. The model is: Minimize j=1N[CjDj+QjsjDj+iCj2Qj] s.t j=1NwjQjW Qj0j=1,2,N In the objective function, the first term is the annual cont of goods, the second is the annual ordering cost ( O /Q is the number of orders), and the last term is the annual inventory holding cost (Qd/2 is the average amount of inventory). Set up a spreadsheet model for the following data: {W=5,000f=0.3 Solve the preblem using Excel Solver, Hint: You wil need to start whth secksion variable values that are greater than ofor 50 iver to find a wolution. If required, tound your answers to two decimal places. Optimal Solution: Q1=Q2=Q1= If required, round vour antwer to the nearest dollar, Do not round intermediate calculabons. Totalcont=1