Asa Wentz, the new controller at Market Research Company, is concerned that the company's methods of cost control do not accurately track the operations of the business. She plans to suggest to Tyson Getz, the company's president, that the company start using standard costing for budgeting and cost control. The new method could be incorporated into the existing accounting system. The anticipated cost of adopting it and training managers is around $80,000. Prepare a memo from Wentz to Getz that defines standard costing and outlines its uses and benefits.