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Determine the standard cost per dining room table

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Reference no: EM132687085

Problem - Standard product cost - Cumberland Furniture Company manufactures unfinished oak furniture. Cumberland 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

$16.00 per hr.

 

standard time per unit

1.8 hrs.

Direct materials (oak):

standard price

$12.50 per bd. ft.

 

standard quantity

17 bd. ft.

Variable factory overhead:

standard rate

$2.40 per direct labor hr.

Fixed factory overhead:

standard rate

$1.10 per direct labor hr.

Required -

a. Determine the standard cost per dining room table.

b. Why would Cumberland use a standard cost system?

Reference no: EM132687085

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