[Solved] Ralph was in the process of completing the quarterly planning for the purchasing department when a major computer malfunction lost most of his data.For direct material XXX he was able to recover the following: Ralph purchases at the EOQ quantity level. Required: Determine the annual demand,the cost of placing an order,the annual carrying cost of one unit,and the economic order quantity. Most Efficient Output: The level of production where average total costs are minimized. Explicit Costs: These are direct monetary payments a firm makes to purchase inputs for its production, such as wages, rent, and materials. Implicit Costs: The opportunity costs of using resources already owned by the firm for production, as opposed to external spending. Economic Profit: The difference between revenue generated from output and the opportunity costs of inputs used, considering both explicit and implicit costs.