QUESTION 21 How do managers and companies set price and quantity standards? O a. Based on prior period variances. b. Based on a manager's previous experience at another company. O C. Based on historical data, industry averages, and the results of process studies. O d. Based on the ideal budget created for the operating division. QUESTION 22 Which of the following is true? O a. Ideal standards are based on currently attainable conditions. O b. A standard is a budget for one unit. O c. Standards should never be updated. O d. Practice standards are based on ideal conditions