2 Standard Product CostAtlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards foran unfinished dining room table are as follows:Direct labor:standard ratestandard time per unitstandard pricestandard quantityVariable factory overhead:standard rateFixed factory overhead:standard ratea. Determine the standard cost per dining room table. If required, round your answer to two decimal places.per tableDirect materials (oak):$19.00 per hr.4 hrs.$12.50 per bd. ft.19 bd. ft.$3.20 per direct labor hr.$0.80 per direct labor hr.b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle ofcost deviations from standards can be investigated and corrected.Using this principle,

Lets understand the basics. Standard cost is a cost set by management to prepare goods or providing…

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 $19.00 per hr. standard time per unit 4 hrs. standard price $12.50 per bd. ft. standard quantity 19 bd. ft. Variable factory overhead: standard rate $3.20 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places, per table Direct materials (oak):

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 $19.00 per hr. standard time per unit 4 hrs. standard price $12.50 per bd. ft. standard quantity 19 bd. ft. Variable factory overhead: standard rate $3.20 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places, per table Direct materials (oak):

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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