1. EX.23.02.ALGO (Algorithmic) Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate: $19.00 per hr. standard time per unit 3 hrs. Direct materials (oak): standard price standard quantity $12.00 per bd. ft. 16 bd. ft. Variable factory overhead: standard rate $2.40 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. $ per table b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of cost deviations from standards can be investigated and corrected. Using this principle, 2. EX.23.04.ALGO (Algorithmic) Direct Materials Variances The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 56,800 lbs. at $1.95 per lb. Standard: 55,700 lbs. at $1.90 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.. Direct Materials Price Variance $ Direct Materials Quantity Variance $ Total Direct Materials Cost Variance $ b. The direct materials price variance should normally be reported to the, When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the