The ABC classification system answers which two of the following questions?

The ABC classification system is used to categorize inventory items based on their importance, typically in terms of their value and usage frequency. Class A items are the most valuable and require tight control, Class B items are of moderate importance, and Class C items are the least valuable and require simpler controls. This system helps in prioritizing management efforts, optimizing inventory control, and ensuring that resources are allocated efficiently to manage the most critical items effectively.