Russell inc. had sales of $2,200,000 for the first quarter of 2020. in making the sales, the company incurred the following costs and expenses. variable fixed cost of goods sold $920,000 $440,000 selling expenses 70,000 45,000 administrative expenses 86,000 98,000 prepare a cvp income statement for the quarter ended march 31, 2020.

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.

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