I have an assignment that I need help with. We are studying standard cost and the effects of not properly updating those standards properly. I have a pretty good understanding of what standards are and what the advantages and disadvantages are to standards. My difficulty is doing the first part of the assignment in creating standards for a product I am familiar with. I am not sure how to set that up or word it. If you could help me with this I would be most appreciative!! I am a male and I like sports so if we can work on those lines it would help me in to understand. I will attach a word copy of the assignment.

Select a product with which you are familiar. Describe what type of standards (direct material and direct labor) might be in effect for that product wherever it is produced. For each of these standards, discuss how those standards may become outdated. How frequently would you think the company would need to evaluate each of the standards