How to increase RAM on macOS inside Apple Silicon - Solved

Hi all, I had a very hard time figuring out how to increase the RAM allocation to my VM, but I finally did it. I'd like to share the solution and request for Parallels to make this easier. I'm emulating MacOS inside an M1 MacBook Pro.

1. Upgrade license to Parallels Pro
2. Click Apple menu > About this Mac
3. Notice: Memory shows 3 GB
4. Shut down the VM
5. In Control Center, right click MacOS > Show in Finder
6. Right click MacOS > Show package contents
7. Right click config.pvs > open with TextEdit
8. Find 4096 and replace with 8192
9. Close the file and it saves automatically
10. Run the VM
11. Click Apple menu > About this Mac
12. Notice: Memory now shows 6 GB