Exercise 21-5 Standard costs LO C1 Presented below are definitions of certain terms. Select the appropriate term from the dropdown list 1. Quantity of input required under normal conditions Definitions 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 Management by exception c. Standard cost d Ideal standarcd e. Practical standard