A service garage uses 120 boxes of cleaning cloths a year. The boxes cost $6 each.

A service garage uses 120 boxes of cleaning cloths a year. The boxes cost $6 each. Ordering cost is $3 and the holding cost is 10 percent of purchase cost per unit on an annual basis. Determine:

1. The economic order quantity
2. The total cost of carrying the cloths (excluding purchase price)
3. The average inventory
4. How many times to order per year?
5. The time between two orders, if the business days is 240 days in a year