(30) Forecasted requirements for a jet engine component over next 6 months are (40,35, 25, 40, 25, 3

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(30) Forecasted requirements for a jet engine component over next 6 months are (40,35, 25, 40, 25, 35). The setup cost is $700 per setup. The holding cost is $6.75 per component per month. a. What is the adjusted EOQ lot release plan using the Wagner Whitin approach for dynamically changing lot sizes and its associated cost? b. Forecast error is N(0,82). The shortage cost is $60 per component per month. Initial inventory is 20, and the production lead time is 0.5 months. Find the safety stock required. c. Using the safety stock, recompute the adjusted EOQ lot release plan along with the associated cost. What is the cost of insurance over the time horizon?