Part B: Breaking Even Analysis In this learning activity, you will develop skills related to discussing the value of break-even analysis and conducting break-even calculations. Break-even analysis is a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output. The break-even point (BEP) is the quantity at which total revenue and total cost are equal. Profit comes from any units sold beyond the BEP. The break-even point (BEP) is calculated as follows: BEP = FC/(P - UVC) BEP = Fixed Cost Unit Price - Unit Variable Cost Using the Break Even Point Formula listed above, complete a break-even analysis for the following scenario: LoungeyLife Furniture., has developed a new state of the art sofa featuring heating and cooling coils that can be adjusted by its owner. They have chosen to brand the sofa as: Tempesofa. Unit variable costs include: $30 for wooden component; $20 for cushions and padding; and $160 for the specialized heating and cooling coils. Fixed costs include: heavy promotional expenditures at $900,000; overhead at $100,000; salaries at $300,000; and other miscellaneous fixed costs at $300,000. The Tempesofa is priced at $2,500.00. 1. How many sofas must be sold to break even? (Please show all your work) Suppose that marketing executives at LougeyLife reduced the price to $2,000.00 for the Tempesofa and added and additional $250,000 in promotions. 2. How many sofas must be sold to break even? (Please show all your work) 3. What dollar profit level would LougeyLife achieve if 5,000 Tempesofas were sold at the new price and added promotions? (Please show all your work)