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 $19.00 per hr standard time per unit 2 hrs Direct materials (oak): standard price $12.00 per bd. It standard quantity 15 bd. it. Variable factory overhead: standard rate $3.20 per direct labore Fixed factory overhead! standard rate $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 cost obviations from standards can be investigated and corrected. Using this principle