At the end of year 1, voss company had $8,000 of inventory. during year 2 the following events occurred: (1) voss company purchased $10,000 of inventory with cash. (2) sold $15,000 of inventory for $20,000 cash to customers. (3) at the end of the year, a physical count of the inventory, it found only $1,000 of inventory on hand. what would voss company report for cost of goods sold on the year 2 income statement?

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.