Acompany manufactured 1,000 units of product during the year and sold 800 units. costs incurred during the current year are as follows:
direct materials and direct labor $7,000
indirect materials and indirect labor 2,000
insurance on manufacturing equipment 3,000
advertising 1,000
1. what amount should be reported as inventory in the company’s year-end balance sheet?

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.