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11. When closing overapplied manufacturing overhead to Cost of Goods Sold, which of the following would be true? a. b. Cost of Goods Sold will decrease. Cost of Goods Sold would not be affected. Cost of Goods Sold will increase. Need more information. d. Problem 1 (8 points): Fill in each blank below (2 points each) 1. Managerial accounting helps managers perform three vital activities: and decision making. 2. Of the parties listed below, which 2 are the most likely to be more interested in managerial accounting data than in financial accounting data? Answer: and o Lenders o Sales managers o Stockholders o Production managers Problem 2 (30 Points): Classify each cost as being either variable or fixed with respect to the number of units produced and sold. Also classify each cost as either a period or a product cost. Cost Item Variable or Fixed? Product or Period? 1. Insurance on a company's corporate jet. 2. Potatoes used to make french fries at a McDonald's restaurant. 3. Sales commissions paid to employees selling phones at an Apple store. 4. Shipping exercise bikes from a Peloton plant to customers. 5. Car radios installed in Ford pickup trucks. 6. Depreciation of factory cafeteria furniture at a paper plant. 7. Insurance on a Bausch & Lomb factory producing contact lenses. 8. Supervisor salary for overseeing production of copiers at Xerox. 9. Ice cream served at a Ben and Jerry's store. 10. Advertising by a chain of medical emergency clinics. 4