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 $24.00 per hr standard time per unit 2 hrs. Direct materials (oak): standard price $11.50 per bd. ft. standard quantity 15 bd. ft. Variable factory overhead: standard rate $2.80 per direct labor hr. Fixed factory overhead: standard rate $1.20 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, Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,500 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 4,200 lbs. $0.48 per lb. Vinegar 230 gal 2.90 per gal Corn syrup 20 gal 10.70 per gal Salt 92 lbs. 2.70 per ib. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: 4,400 lbs. of tomatoes 221 gal. of vinegar 21 gal, of corn syrup 91 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Ingredient Standard Cost per Batch 2,016 Whole tomatoes Vinegar 667 Corn syrup 214 Panthem Ingredient per Batch Whole tomatoes 2,016 Vinegar 667 Corn syrup 214 Salt 248.4 Total 3,145.4 Standard unit materials cost per pound 1.26 b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Materials Quantity Ingredient Variance Favorable/Unfavorable Whole tomatoes Unfavorable Vinegar Favorable Corn syrup Unfavorable Salt Favorable Total direct materials quantity variance Unfavorable Feedback Check My Wor