What are the benefits of setting cost standards? Select (five correct choices) out of the (nine listed) below.

1. Creat new products. 2. Decrease accounting costs. 3. Develop more efficient production methods. 4. Identify performance standards. 5. Increase production levels. 6. Increase sales volume. 7. Prepare the master budget. 8. Set sales prices of products and service. 9. Set target levels of performance for flexible budgets