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: $20.00 per hr. standard rate standard time per unit 3.5 hrs. Direct materials (oak): Variable factory overhead: standard price. standard quantity standard rate standard rate $8.00 per bd. ft. 17 bd. ft. $2.80 per direct labor hr $0.80 per direct labor hr, Fixed factory overhead: 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 management by exception principle, major cost deviations from standards can be investigated and corrected. Using this