Classify each part as an A,B,or C inventory item on the basis of the annual dollar value.
Definitions:
Value
The importance, worth, or usefulness of something, often related to economic, moral, or personal significance.
Correlation Coefficient
A statistical measure that indicates the extent to which two variables fluctuate together.
Relationship
Refers to a connection, whether emotional, social, or professional, that exists between individuals, groups, or entities, characterized by mutual interactions and dependence.
Variables
Elements, characteristics, or features that can change or vary in a research or experimental setting, influencing or reflecting the outcomes.
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