You are an assistant to the Management Accountant and Management Accountant has asked you to prepare a briefing note and slides to be presented in the Budget Meeting of RC Company. Management Accountant has stated that: A standard cost is a carefully determined cost used as a benchmark for judging performance. The purposes of a standard cost are to exclude past inefficiencies and to take into account changes expected to occur in the budget period. Required: You must work on these points: Why should a company calculate price and efficiency variance? How do managers use variances