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,$$25\mathrm{.}00$ per hr$.],[,$standard time per unit,$2\mathrm{.}00hrs.],[$Direct materials $($oak$)$:$,$standard price,$$12\mathrm{.}50$ per bd$.$ ft$.],[,$standard quantity,$18bd.ft.],[$Variable factory overhead:,standard rate,$$2\mathrm{.}40$ per direct labor hr$.],[$Fixed factory overhead:,standard rate,$$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.