Given the following information, formulate an inventory management system. the item is demanded 50 weeks a year. item cost $ 7.00 standard deviation of weekly demand 20 per week order cost $ 218.00 lead time 3 week annual holding cost (%) 27 % of item cost service probability 99 % annual demand 23,500 average demand 470 per week a. determine the order quantity and reorder point. (use excel’s normsinv( ) function to find your z-value and then round that z-value to 2 decimal places. do not round any other intermediate calculations. round your final answers to the nearest whole number.)