Application: Perform an ABC Analysis on the following Inventory Data. Part Annual Number Demand Cost per Unit Part Number Annual Demand Cost per Unit 234L95R2L 23018332F 3,321 $11.34 3,432 $11.24 23018333G 3,452 $11.23 23D185R89 2,345 $11.19 24SFR8FW 234,232 $0.22 459283412 234,552 $1.09 4598234M2 232,112 $1.08 459957988 123,334 $1.07 D0985099 554.392 $0.45 D234LK92 534,530 $0.45 029098KR 559,402 $0.46 D4543K23 590,128 50.50 090950R99 590,233 50.49 G23434348 889,233 $1.89 G234895R 879,342 $1.90 G23952291 899,034 $1.93 LIR20R298 901,445 $2.49 UR23984F1 900,434 $2.33 LIR3424F2 909,335 52.89 QUI234892 238,412 50.98 823049859 123.882 50.87 K23084290 123,992 50.98 82344990 123.876 50.99 1. What is the Pareto Principle and how is it used in an ABC analysis? R23493981 129,837 51.23 R2LK495 129.991 50.83 923 123,298 50.93 2. True or False: An inventory item with 10GHER annual usage in units will always be ranked EXPLAIN higher than an inventory item with LOWER annual usage in its 892834K 124,012 50.92 SRO783209 2,341 $19.43 580783392 2,210 519.21 SA0987987 2310 $19.11