Standard Product Cost Atlas Furniture Company manufactures designer home. 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 $17.00 per hr standard time per unit 3.5 hrs. Direct materials (oak): standard price $8.00 per bd. ft. standard quantity 20 bd. ft. Variable factory overhead: standard rate $3.20 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. 268.40 X per table b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of management by exception Using this principle, major cost deviations from standards can be investigated and corrected Fender hy Wor Remember the process discussed in chapter for calculating standard cost Review the benefits of standard cost systems Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (1,009 bars) are as follows: Ingredient Quantity Price Cocoa 450 lbs. $0.30 per Ib. Sugar 120 lbs. $0.60 per lb. Milk 90 gal $1.40 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. per bat