Question: When inventory valuation is based on an appropriately established and effective standard cost system: Multiple Choice a significant unfavorable net variance may be reported as

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

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