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:

$\backslash$table$[[$Direct labor:,standard rate,$$18\mathrm{.}00$perhr.$],[,$standard time per unit,$4\mathrm{.}00hrs.],[$Direct materials $($oak$)$:$,$standard price,$$11\mathrm{.}50$ per bd$.ft.],[,$standard quantity,$17bd.ft.],[$Variable factory overhead:,standard rate,$$3\mathrm{.}20$ per direct labor hr$.],[$Fixed factory overhead:,standard rate,$$1\mathrm{.}20$ per direct labor hr$.]]$

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 Using this principle, cost deviations from standards can be investigated and corrected.