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a. Classify each item in inventory using an ABC plan. X Answer is complete but not entirely correct. Item Number Class C B V 3 C A A 5 B 6 C C CO B 9 B X 10 A X 11 A X 12 C 13 A V 14 B 15 C 16 B 17 C 18 A 19 C 20 CProblem 20-40 (Algo) In the past, Taylor Industries has used a fixedtime 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. IT EN ANNUAL ITEN ANNUAL NUMBER USAGE NUMBER USAGE 1 $ 1,399 11 $ 13,609 2 12, 599 12 900 3 2, 599 13 43,299 4 51,399 14 19,499 5 19,199 15 1, 590 5 1,190 15 1a,?99 1' 2,390 1? 4,490 a 11, 590 19 92,690 9 5, 509 19 3,999 19 15,609 29 3,390