Moonrise bakery applies factory overhead based on direct labor costs. the company incurred the following costs during 2017: direct materials costs, $710,000; direct labor costs, $3,600,000; and factory overhead costs applied, $2,520,000.

1. determine the company’s predetermined overhead rate for 2017.
2. assuming that the company’s $77,000 ending work in process inventory account for 2017 had $26,000 of direct labor costs, determine the inventory’s direct materials costs.
3. assuming that the company’s $550,000 ending finished goods inventory account for 2017 had $329,000 of direct materials costs, determine the inventory’s direct labor costs and its overhead costs.

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Explanation:

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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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