Construct a simple P&L statement such as that shown in exhibit $5\mathrm{.}3$ in the textbook, chapter $5,$ and discuss its elements. A P&L $($pronounced $$P and L$)$ statement is a listing of revenues, expenses, and profit $($revenues minus expenses$).$ P&L statements can be provided in numerous formats, depending on the specific purpose of the statement. For example, for use in profit analysis, costs must be broken out as fixed and variable. P&L statements can be constructed for the entire organization, a department, or a service. Also, they can contain historical data, which report what has happened in the past or forecasted data, which express expectations about the future. $1.$ Construct a simple $\backslash ($ P $\backslash$& L $\backslash )$ statemfnt such as that shown in exhibit $5\mathrm{.}3,$ and discuss its elements. $2.$ Sketch and explain a simple diagram to match your exhibit. $3.$ Define and explain the use of contribution margin and total contribution margin. $5\mathrm{.}6$ BREAKEVEN ANALYSIS Breakeven analysis is a method used to determine the value of a given input variable achieve some minimum desired profit, holding other variables constant $($see "Critica example, a clinical laboratory might determine that, at a given volume $\backslash (0^\{\backslash$circ$\}\backslash )$