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 $23.00 per hr. 2.5 hrs. $11.50 per bd. ft. standard time per unit Direct materials (oak): Variable factory overhead: Fixed factory overhead: standard price standard quantity standard rate standard rate 15 bd. ft. $2.80 per direct labor hr. $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 Using this principle, cost deviations from standards can be investigated and corrected.