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,$$15\mathrm{.}00$ per hr$.],[,$standard time per unit,$4\mathrm{.}00hrs.],[$Direct materials $($oak$)$:$,$standard price,$$12\mathrm{.}00$ per bd$.$ ft$.],[,$standard quantity,$16$ bd$.$ 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 management by exception $.$ Using this principle,

$$ cost deviations from standards can be investigated and corrected.