Standard Product Cost Designer Furniture Company manufactures designer home furniture. Designer Furniture uses a standard cost system. The direct labor, direct materials, and factory overhead standards for a finished dining room table are as follows: Direct labor: standard rate standard time per unit Direct materials (oak): Variable factory overhead: standard price standard quantity standard rate $17.00 per hr. 4.00 hrs. $10.00 per bd. ft. 20 bd. ft. $2.80 per direct labor hr. $1.20 per direct labor hr. Fixed factory overhead: standard rate a. Determine the standard cost per dining room table. Round to two decimal places. per table b. A standard cost system provides the company's management a cost control tool using the principle of cost deviations from standards can be investigated and corrected. Using this principle,