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Determine the standard cost per dining room table

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Reference no: EM132766425

Problem - 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

$28.00 per hr.

 

standard time per unit

5.0 hrs.

Direct materials (oak):

standard price

$12.00 per bd. ft.

 

standard quantity

18 bd. ft.

Variable factory overhead:

standard rate

$2.00 per direct labor hr.

Fixed factory overhead:

standard rate

$3.80 per direct labor hr.

Required -

a. Determine the standard cost per dining room table.

b. Why would Atlas Furniture Company use a standard cost system?

Reference no: EM132766425

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