Last year Minden Company introduced a new product and sold $15,500$ units of it at a price of $$74$ per unit. The product's variable expenses are $$44$ per unit and its fixed expenses are $$525,000$ per year.Required:What was this product's net operating income $($loss$)$ last year?What is the product's break$-$even point in unit sales and dollar sales?Assume the company has conducted a marketing study that estimates it can increase annual sales of this product by $5,000$ units for each $$2$ reduction in its selling price. If the company will only consider price reductions in increments of $$2($e$.$g$.,$ $$72,$ $$70,$ etc.$),$ what is the maximum annual profit that it can earn on this product? What sales volume and selling price per unit generate the maximum profit?What would be the break$-$even point in unit sales and in dollar sales using the selling price that you determined in requirement $3?$