Identify the process shown in the reaction scheme.

The reaction scheme shows Compound M reacting with NaOH/KOH to produce CH$_3$COONa, Compound N, and CH$_2$(OH)CH(OH)CH$_2$(OH) (glycerol). This is the reaction of a fat or oil (triglyceride) with a strong base to produce glycerol and fatty acid salts (soaps).

The process is called saponification.

Compound M is a triglyceride. Upon saponification, it yields glycerol and fatty acid salts. One of the fatty acid salts produced is CH$_3$COONa (sodium ethanoate). If we assume Compound M is a simple triglyceride where