4. which of the following best defines the term business cycle
a. the total quantity of goods and services produced by an economic system during a given period
b. the measure of economic growth that compares how much a system produces with the resources needed to produce it
c. the pattern of short term ups and downs in an economy
d. the total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: