When a firm is in a constant-cost industry, a decrease in demand will result in economic (losses or profits) . this will cause (exit from or entry into) the industry, resulting in (an increase or a decrease) in supply over time. this long-run adjustment will eventually cause the price level to (increase, decrease or remain constant) so that it eventually (return to the level it was, occur at a higher level than or occurs at a lower level than) before the demand shift. there will be firms (the same number of, more or fewer) in the industry. the long-run industry supply curve will be (horixontal, downward shifiting or upward shifting).

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.