Exercise - Standard product cost

Hickory Furniture Company manufactures unfinished oak furniture. Hickory 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                               $26.00 per hour

standard time per unit                   2.5 hours

Direct materials (oak):  

standard price                              $8.00 per board foot

standard quantity                         17 board feet

Variable factory overhead:         

standard rate                               $3.60 per direct labor hour

Fixed factory overhead:                               

standard rate                               $1.20 per direct labor hour

Determine the standard cost per dining room table. Enter the answer to the nearest cent.