Break Even AnalysisManagers use tools like the Break-Even Analysis in both the planning and controlling functions of Management. In this assignment, you’ll practice using the Break-Even formula to help Eric determine when his business will begin to turn a profit.Instructions:Using the information from the Planning and Controlling Techniques module, calculate the break-even point in each of the scenarios. Provide a response to the questions in the conclusion. Be sure to show your work.Scenario 1Eric wants to start a car detailing business but is unsure how many cars he will need to detail before making a profit. His cousin has offered to let him use a small section of his shop for only $300 per month. Eric is going to pay his friend $10/hour to help him. He has estimated his additional expenses and other details to be the following:Question – How many vehicles does Eric need to detail each month to break even? Scenario 2Eric is now considering leaving his full-time job to grow his car detailing business but does not want to lose his salary.Question – If he decides to pay himself $2000 per month how many cars does he have to detail in a month now to break even? ConclusionAre these numbers attainable? Please explain. List two suggestions you could give Eric that would affect his break even point in a favorable manner, using the Break-Even Formula to justify them.