Question: 1 4 When inventory valuation is based on an appropriately established and effective standard cost system: Multiple Choice 0 0 : 4 9 : 2

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When inventory valuation is based on an appropriately established and effective standard cost system:
Multiple Choice
00:49:29
the explanatory notes to the financial statements will explain the disposition of the net variance.
cumulative variances are recognized.
an insignificant favorable net variance may be reported as an expense of the current period.
a significant unfavorable net variance may be reported as an expense of the current period.
1 4 When inventory valuation is based on an

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