Use the following information to answer the next few questions. Be sure to show your calculations and put an X by your final answer to receive full credit, Note: For the square root sign, use SQRT(with numbers under square root sign in parantheses following SQRT), i.e. SQRT(4) 2. A local bike store has an annual demand of 1500 bikes, and is open 300 days each year. Currently the store places 3 orders a year, ordering 500 boxes in each order. However, they have hired you, an expert on inventory management, to determine if they can reduce their annual inventory costs by adjusting the number of bikes they order each time they place an order. The approximate cost of each bike is $400. The cost to place an order is $60, regardless of the size of the order. The cost to hold a bike in inventory for an entire year is $40. Lead time is two days. What are the total annual costs, including ordering and holding cost, given the store’s current policy of using an order quantity of 500? HTML Editor