When inventory valuation is based on an appropriately established and effective standard cost system Multiple Choice O cumulative variances are recognized O a significant unfavorable net vartance may be reported as an expense of the current period. O O an insignificant favorable net vartance may be reported as an expense of the current period. O the explanatory notes to the financial statements will explain the disposition of the net varlance Which of the following costs would be controllable in the short run? 11 Multiple Choice Property taxes Production equipment depreciation O Plant supervisor's salary. O Building lease