Exercise 21-5 Standard costs LO C1 Presented below are definitions of certain terms. Select the appropriate term from the dropdown list. Definitions 1. Quantity of input required under normal conditions. 2. Quantity of input required if a production process is 100% efficient 3. Managing by focusing on large differences from standard costs 4. Record that accumulates standard cost information. 5. Preset cost for delivering a product or service under normal conditions a. Standard cost card b. Management by exception c. Standard cost d. Ideal standard e. Practical standard