Using the data below, find the EOQ, the total annual cost associated with the economic order quantity, and the reorder point. 
Definitions:
Binomial Experiment
An experiment or trial that can be reduced to two outcomes, success or failure, and is repeated a fixed number of times.
Continuous Random Variables
Variables capable of assuming any value within a specified range, with the potential for infinite variations.
Binomial Distribution
A probability distribution that summarizes the likelihood that a variable will take one of two independent values under a given set of parameters or conditions.
Independent Trials
Independent Trials are experiments or processes in which the outcome of any given trial does not affect the outcome of any other trial.
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