Describe the key elements of a standard cost system and its advantages and disadvantages as a tool

After reviewing some of the suggested readings and in addition to your own research, in a 3-page paper, describe the key elements of a standard cost system and its advantages and disadvantages as a tool for decision making. Every citation use references. and do extra research. All paper assignments must be completed in a Word document, and must follow APA 6th edition guidelines. Here are some materials to relate in this assignment:https://www.youtube.com/watch?v=lFrgAOB2L3k https://www.youtube.com/watch?v=bq6ksHujfLs