A Standard Costing System Will Produce the Same Income as an Actual

Multiple Choice

A standard costing system will produce the same income as an actual costing system when end-of-period standard cost variances are assigned:

A) Only to work-in-process (WIP) inventory.
B) Only to finished goods inventory.
C) To work-in-process and finished goods inventories.
D) Entirely to cost of goods sold.
E) To cost of goods sold and all inventory accounts.