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 standard time per unit $24.00 per hr. 2.5 hrs. Direct materials (oak): standard price $8.00 per bd. ft. 18 bd. ft. standard quantity Variable factory overhead: standard rate $2.40 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 Using this principle, cost deviations from standards can be investigated and corrected