PROBLEM SET #$12$: CVP AnalysisProblem A: The Accounting Society at SoCal University is planning its annual fundraising extravaganza, the Bean Counter's Ball.The AS expects to charge $$100$ per ticket. The followingprojected costs were culled from last year's ball $[$with $200$ attendees$]1.$ Prime rib dinners total $6000,$ unit$30\mathrm{.}00.2$ party favors total $400$ unit $2\mathrm{.}00,3$ programs total $600$ unit $3\mathrm{.}00,4$ orchestra total $4000$ unit $20\mathrm{.}00,5$ advertising total $1000$ unit $5\mathrm{.}00,6$commemorative tickets total $500$ unit $2\mathrm{.}50.7$ballrom rent total $10,000$ unit $50\mathrm{.}00,8$ entertainment total$2500$ unit $12\mathrm{.}50.$ and updated to reflect current costs: Costs $-1,2,3$: These costs have been obtained using competitive bids, bascist number ordered.Each requires a minimum order of $150$ and the actual number must be communicated to vendors $5$ days prior to the event. Costs $-4,7,8$: These costs are fixed fee and must be booked farin advance. Cost $-5$: Programs are designed in advance and then printeg out based on tickets sold. Again, there is a minimum order of $150.$ Costs $-6$: Tickets are purchased in advance and in a of $500.$ The tickets, along with Programs information about this year's event including this year's date, jheme, unique design, and logo$.$Required:$1.$ Use the information above to prepare a contrioution approach income statement$\mathrm{.}2.$ Use the information in #$1$ to calculate the following:a$.$ Break$-$even in tickets and sales doNars.b$.$ Net income if $-150,250,$ or $300$ were soldc. Number of tickets that mustbeisold in order to earn $-$ $$10,000,$ $$25,000,$ $$50,000.$d$.$ Assume $200$ attendees scalculate price per ticket to earn $-$ $$10,000,$ $$25,000,$ $$50,000\mathrm{.}3.$ The Dance committee is very concerned given your analysis and has proposed the following changes in attempt to increase the profitability of the Ball: Instead of individual dinners, a delicious buffet will be catered by Chano's Fine Foods. Costs will be $$1,000$ for attendance of $200-300,$ $$1,500$ for $301$ to $400$ patrons, $$2,000$ for $401$ to $500$ patrons Vand' a $$500$ for each increase of $100$ patron... Party favors will be eliminated and programs will copied at Kinko's at a cost of $$1$ each.The orchestra and dinner entertainment will be replaced by Tito's Party Time DJ$.$ Projected cost $-$ $$200.$ Since his parents are on vacation, Ron has offered to host the Ball at their house for a nominal gratuity of $$500.$ All other costs will remain the same. The costs of tickets will be reduced to $$30$ each and $350$ people are expected to attend.a$.$ Prepare a new contribution approach income statement.b$.$ Calculate the new break$-$even in tickets and sales dollars.c$.$ Calculate profits if $-300,$ or $450$ people attended.d$.$ Assuming $350$ attendees, calculate ticket price to earn $$20,000$ and $$50,000$