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A manufacturing company uses 28,000 components at an even rate during the year. Each order placed with the supplier of the components is for 1,500 components, which is the economic order quantity. The company holds a buffer inventory of 700 components. The annual cost of holding one component in inventory is $3. What is the total annual cost of holding inventory of the component?
Hello, please can you explain me this task. i do not know how to start and what formulae to use
Thank you
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