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,$$30\mathrm{.}00$ per hr$.],[$Direct materials $($oak$)$:$,$standard time per unit,$5\mathrm{.}0$ hrs $).],[$Variable factory overhead:,standard price,$$8\mathrm{.}00$ per bd$.$ ft$.],[$Fixed factory overhead:,standard quantity,$20bd.ft.]]$

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 management by exception cost deviations from standards can be investigated and corrected.