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. 3.5 hrs. $9.00 per bd. ft. Direct materials (oak): standard time per unit standard price standard quantity standard rate 15 bd. ft. Variable factory overhead: $3.20 per direct labor hr. 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 Using this principle, b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of corrected. cost deviations from standards can be investigated and