Standard Product Cost

Santa Clara Furniture Company manufactures designer home furniture. Santa Clara uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows:

$\backslash$table$[[$Direct labor:,standard rate,$$19\mathrm{.}00$perhr.$],[,$standard time per unit,$3\mathrm{.}5hrs.],[$Direct materials $($oak$)$:$,$standard price,$$16\mathrm{.}50$ per bd$.$ ft$.],[$Variable factory overhead:,standard quantity,$27bd.ft.],[$Fixed factory overhead:,standard rate,$$3\mathrm{.}90$ per direct labor hr$.],[,$standard rate,$$2\mathrm{.}10$ per direct labor hr$.]]$

a$.$ Determine the standard cost per dining room table.

$$,x$ per dining room 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.