Download Excel file. Use this Excel template to answer your question. In the past, Taylor Industries has used a fixed time period inventory system that involved taking a complete inventory count of all items each month. However, increasing labor costs are facing Taylor Industries to examine alternative ways to reduce the amount of labor involved in inventory stockrooms, yet without increasing other costs, such as shortage costs, here is a random sample of 20 of Taylor's items. Which of the following is NOT true in terms of classifying items based on ABC analysis? ITEM 1 2 3 13 ANNUAL $ USAGE ITEM $1,000 11 14,000 12 1,700 2,700 14 100,450 15 900 16 2,500 17 1,900 18 4 ANNUAL $ USAGE $2,000 21,500 29,500 116,500 1,800 153,000 2,400 25,000 5 6 7 8 00 ITEM ANNUAL ITEM $ USAGE 1 11 2 12 WN $1,000 14,000 1,700 2,700 3 13 4 14 ANNUAL $ USAGE $2,000 21,500 29,500 116,500 1,800 153,000 2,400 25,000 500 5 100,450 15 6 900 16 7 17 8 18 2,500 1,900 29,000 12,500 9 19 10 20 31,000 Number of C item would be eleven. C item is 50% of total inventory items. A item accounts for 67.28% Item 10 would be one of B items. 1 ABC Analysis 1 2 3 Item 4 1 5 N 6 Diw 3 4 7 8 00 5 6 9 10 7 11 8 12 9 Annual $ Usage $1,000 14,000 1,700 2,700 100,450 900 2,500 1,900 29,000 12,500 2,000 21,500 29,500 116,500 1,800 153,000 2,400 25,000 500 31,000 13 10 14 15 16 11 12 13 14 15 16 17 18 1 19 20 17 21 22 18 19 20 23 24