Question: Question 1. ABC Inventory Classification (3 points) A company produces digital audiotapes to be used in the consumer audio division. The company lacks sufficient personnel

Question 1. ABC Inventory Classification (3

Question 1. ABC Inventory Classification (3 points) A company produces digital audiotapes to be used in the consumer audio division. The company lacks sufficient personnel in its inventory supply section to closely control each item stocked, so it has asked you to determine an ABC classification. Table below contains a sample from their inventory records for 10 items. Develop an ABC classification for these 10 items. NA Aw Item number Average Monthly Demand Price Per Unit 1000 $ 6.00 2 200 $ 4.00 1200 $ 20.00 4 700 $ 15.00 5 7000 $ 60.00 6 100 $ 10.00 7 3000 $ 0.50 8 600 $ 2.00 9 500 $ 10.00 10 1000 $ 2.00 Hint: Use the cut-off point of approximately 70% inventory investment for items in category A, 25% for category B, and 5% for category C

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