Which of the following statements about the A$-$B$-$C approach is$/$are true?

Its purpose is to identify inventory items that are the most important to the business.

It is intended to help firms allocate control efforts based on the relative importance of items in inventory.

C items are the most closely managed, while A items are least important.

Approximately $10\%$ to $20\%$ of items account for about $60\%$ to $70\%$ of annual dollar value.