Fahari Limited currently operates a top-down budgeting system where senior managers impose budgets on departmental managers. The company is now considering allowing departmental managers to participate in the setting of their own budgets.

Your organization has undergone several changes in the past five years and is now in the process of incorporating the standard costing system. As the team leader of the system design task force, describe four key issues that would need to be addressed in designing the standard costing system