Determine which phase of the business cycle is associated with each event. a. Unemployment reaches its highest levels, while output reaches its lowest during (Click to select) . b. Decreasing unemployment and expanding production occurs during (Click to select) . c. The economy is at full employment and output is produced at full capacity during (Click to select) . d. Real output is declining for at least two consecutive quarters is during (Click to select) .

Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.