JANZ Corporation, a major producer of consumer electronics equipment, is currently faced with a rapidly growing product line and its associatedinventory problems. JANZs president, Jan Muhammad, has decided to initiate a program to analyze the companys inventory requirements utilizingdifferent inventory techniques. The first phase of this program consists of an ABC analysis of the companys product line $($shown in the followingtable$).$ Mr$.$ Jan has encountered difficulties in deciding on the appropriate criteria to use in the classification and in developing appropriate cutoff levelsfor each class of inventory. To solve his dilemma, Mr$.$ Jan has contracted the services of a logistics$-$consulting firm to perform the inventory analysis.SALES DATA $($ONE$-$YEAR PERIOD$)$PRODUCT # UNITS SOLD PRICE PER UNIT$($$$)$PROFIT PER UNIT$($$$)$SR$10115,00025050\mathrm{.}50$SR$1037501,500330\mathrm{.}00$SR$1051,60060090\mathrm{.}00$SR$201452,250877\mathrm{.}50$SR$203103,5001,750\mathrm{.}00$SR$2059,250500125\mathrm{.}00$SR$301700650195\mathrm{.}00$SR$303550700196\mathrm{.}00$SR$3053,000920303\mathrm{.}60$SR$5001001,100440\mathrm{.}00$Tasks$1.$ If the consulting firm employed you, how would you construct your method of analysis? What criteria would you use? What would be cutofflevels be$?$ Be sure to provide explanations of the reasoning supporting your decisions like why you choose the percentages for ABC analysis.A good way is to conduct ABC analysis using different ways and then compare and contrast them and then make the recommendation$\mathrm{.}2.$ Submit soft copy $($you can use Excel or Word$)$ to Brightspace $($D$2$L AICE$-3$: Inventory$)$ by $11\mathrm{.}59$pm Mar $012024.$ Expectations are that thereport will show the analysis performed to do the ABC analysis with items sorted accordingly in ABC sequence, clearly demonstrating thecriteria used; furthermore, any additional criteria, based on your observations, should be highlighted with a recommendation to managementon what to do with these items.