The purpose of this assignment is to assess your ability to:
Explain the management planning and control cycle, and identify the major differences between financial accounting and managerial accounting.
Describe the difference between variable and fixed cost behavior patterns.
Explain and illustrate the difference between the traditional income statement format and the contribution margin income statement format.
Describe the meaning and significance of the break-even point and illustrate how the break-even point is calculated.

Action Items
Complete the following items listed in the Week 7 Reading and Preparation object:
  Review Chapter 12 in Marshall et al., (2014).
Complete the two following problems from textbook:
Problem 12.18: Use the attached excel worksheet for Problem 12.18. Reference from the textbook will be Exhibit 12-5.
Problem 12.20:  Use the attached excel worksheet for Problem 12.20. Reference from the textbook will be sections L07, 8, 9, and 12 and the Business in Practice article titled: Estimating Cost Behavior Patterns Using Microsoft Excel.