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): standard price standard quantity Variable factory overhead: Fixed factory overhead: standard rate standard rate $30.00 per hr. 5.0 hrs. $8.00 per bd. ft. 20 bd. ft. $0.75 per direct labor hr. $1.15 per direct labor hr. a. Determine the standard cost per dining room table. Round to two decimal places. b. per table 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,