A produce distributor uses 771 packing crates a month, which it purchases at a
cost of $9 each. The manager has assigned an annual carrying cost of 31 percent of the purchase price per crate. Ordering costs are $26. Currently the manager orders once a month.
How much could the firm save annually in ordering and carrying costs by using the EOQ? (Round intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.)