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 $18.00 per hr. standard time per unit 3.5 hrs. Direct materials (oak): standard price $11.50 per bd. ft. standard quantity 20 bd. ft. standard rate $2.80 per direct labor hr. Variable factory overhead: 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 Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 52,600 lbs. at $1.9 per Ib. 53,700 lbs. at $1.95 per Ib. Standard: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Favorable Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance Favorable