Question: When inventory valuation is based on an appropriately established and effective standard cost system: Multiple Choice cumulative variances are recognized. an insignificant favorable net variance

When inventory valuation is based on an appropriately established and effective standard cost system:
Multiple Choice
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.
the explanatory notes to the financial statements will explain the disposition of the net variance.
When inventory valuation is based on an appropriately established and effective

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