For Interim Reporting, Which of the Following Statements Is True

Multiple Choice

For interim reporting, which of the following statements is true?

A) Under a standard cost system, unplanned or unanticipated variances should be recognized in the quarter in which they occur.
B) Under the LIFO method, recognition of layer liquidations, thought to be temporary, are postponed by using replacement cost in the calculation of interim cost of goods sold.
C) Under the lower of cost or market determination of ending inventory, a gain may not be recognized in an interim period.
D) All of these statements are true.