Consider an item whose inventory is controlled by a periodic review, basestock policy. Suppose the review period is 1 week (7 days), the replenishment lead-time is 3 days, and the daily demand is normally distributed with mean 20 and standard deviation 4. a) What is the average inventory level? How many stock-out events might you expect per year? (Assume 50 weeks per year) b. What is the base stock B to assure that the fill rate (Type of service) is 0.98? What is the average inventory level? How many stock-out events might you expect per year? (Assume 50 weeks per year)