1.Standard Product Cost Wood You Lie To Me Furniture Company manufactures designer home furniture. Wood You Lie To Me 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 $24.00 per hr. standard time per unit 4.0 hrs. Direct materials (oak): standard price $22.00 per bd. ft. standard quantity 32 bd. ft. Variable factory overhead: standard rate $3.00 per direct labor hr. Fixed factory overhead: standard rate $2.00 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 Wood You Lie To Me Furniture management a cost control tool using the principle of cost control . Using this principle, major cost deviations from standards can be investigated and corrected.