XYZ Co. produces bicycles. Demand for year's model is anticipated to happen at the constant annual rate of 9000 items. One bicycle costs $145. Holding cost is based on the 7% annual rate, and production setup costs are $480. Manufacturing plant has the annual production capacity of 16000 units. Acme has 280 working days per year, and lead time for the production run is three days. Use production lot size model to determine the given values:
i) Minimum cost production lot size
ii) Number of production runs per year
iii) Cycle time
iv) Length of a production run
v) Maximum inventory
vif) Total annual cost
vii) Reorder point