Standard Product Cost

Wood You Lie To Me Furniture Company manufactures designer home furniture. Wood You Lie To Me uses astandard costsystem. The direct labor, direct materials, and factory overheadstandardsfor an unfinished dining room table are as follows:

Direct labor:	standard rate	$24.00 per hr.
	standard time per unit	4.0 hrs.
Direct materials (oak):	standard price	$22.00 per bd. ft.
	standard quantity	32 bd. ft.
Variable factory overhead:	standard rate	$3.00 per direct labor hr.
Fixed factory overhead:	standard rate	$2.00 per direct labor hr.

a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. $per table

b. Astandard cost systemprovides Wood You Lie To Me Furniture management a cost control tool using the principle of. Using this principle,cost deviations from standards can be investigated and corrected.