When inventory vsluation is based on an appropriatley established and effective standard cost system

itled document - Google Docs Practice Quiz O COSTCO Reshoevn8r a ezto.mheducation.com Saved When inventory valuation is based on an appropriately established and effective standard cost system: Multiple Choice O O O O the explanatory notes to the financial statements will explain the disposition of the net variance. an insignificant favorable net variance may be reported as an expense of the current period. cumulative variances are recognized. a significant unfavorable net variance may be reported as an expense of the current period. < prev eau 18 of 20