Cumberland Furniture Company manufactures unfinished oak furniture. Cumberland usees 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 hour
standard time per unit 1.8 hrs.
Direct materials: 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.
Determine the standard cost per dining room table.