you have been hired as an Inventory Analyst by Olivia Rodrigo Sportswear. Your first assignment is to evaluate the cost of the current inventory policy for one of their most popular shirts based on the following information. Demand = 250,000 units/year, Ordering Costs = $450/order, Purchase Cost = $17.50/ unit, Annual Holding Cost = 20% of cost, EOQ = 8,018 shirts. What is the total annual cost (annual ordering cost + annual setup cost) for inventory management? Select the closest number.

Group of answer choices

$14,997

$42,094

$28,062

$24,003