MTC NAM 40.27% + 15:31 riay question Time left 0:33:43 Companies can gain greater cost control by setting standards for each type of cost incurred and then highlighting exceptions or variances-instances where things did not go as planned. Variances provide a starting point for judging the effectiveness of managers in controlling the costs for which they are held responsible. REQUIRED: MARKS 10 2.0. Identify five benefits that result from a business using a standard cost system. For each benefit identified, briefly explain in what way such a benefit could assist a business in situations like that of COVID-19. (Please be practical as much as possible) TOTAL AVAILABLE MARKS 10