PLEASE DO NOT USE DATA FROM ANY OTHER CHEGG POST.

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 forcing 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. ITEM NUMBER 1 2 3 4 5 6 7 8 9 10 ANNUAL USAGE $ 1,600 12,100 2,300 50,200 10,600 800 2,100 11,100 5, 100 15,100 ITEM NUMBER 11 12 13 14 15 16 17 18 19 20 ANNUAL USAGE $ 13,100 700 42,200 10,000 1,300 10,300 4,100 61,300 3,600 3,000 a. Classify each item in inventory using an ABC plan. Item Number Class 1 2 3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20