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Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $15.00 per hr. standard time per unit 4 hrs. Direct materials (oak): standard price standard quantity standard rate $10.50 per bd. ft. 17 bd. ft. $2.80 per direct labor hr. Variable factory overhead: Fixed factory standard rate $0.80 per direct labor hr. overhead: a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. x per table b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of management by exception ✓✓. Using this principle, major ✓ cost deviations from standards can be investigated and corrected.