2. A furniture company makes a variety of assembled products in batches on a manual assembly line. Every time a different product is produced, the line must be changed over, which causes lost production time. The assembled product of interest here has an annual demand of 12,000 units. The changeover time to set up the line for this product is 6.0 hours. The company figures that the hourly rate for lost production time on the line due to changeovers is $500/hr. The annual holding cost for the product is $7.00 per product. The product is currently made in batches of 1000 units for shipment each month to the wholesale distributor. (a) Determine the total annual inventory cost for this product in batch sizes of 1000 units. (b) Determine the economic batch quantity for this product. (c) How often would shipments be made using this EOQ