Bob has 8 pieces of square index cards that each measures 8 inches per side. Using a pair of scissors, he cuts each piece in half (so the resulting size is 8" x 4") and then places all the resulting card pieces in a new stack. If he repeats this procedure 4 more times, how many pieces of card stock will he have and what will be the measure of each piece? (Note: All cuts will be made along the longer edge of the piece if the piece of index card is not square.)