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Average Production Cost of Each Component using Individual Costs Formula

GoAverage Production Cost of Each Component Given Total Production Cost Formula

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Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses. Check FAQs

C pr = \frac{C np + C m + T cc + t}{N b}

C_pr - Production Cost of Each Component?C_np - Total Non Productive Cost?C_m - Total Machining And Operating Cost?T_cc - Total Tool Changing Cost?t - Total Tool Cost?N_b - Batch Size?

Average Production Cost of Each Component using Individual Costs Example

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Here is how the Average Production Cost of Each Component using Individual Costs equation looks like with Values.

Here is how the Average Production Cost of Each Component using Individual Costs equation looks like with Units.

Here is how the Average Production Cost of Each Component using Individual Costs equation looks like.

11400 = \frac{8640 + 6720 + 7200 + 240}{2}

11400 = \frac{8640 + 6720 + 7200 + 240}{2}

11400 = \frac{8640 + 6720 + 7200 + 240}{2}

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Average Production Cost of Each Component using Individual Costs Solution

Follow our step by step solution on how to calculate Average Production Cost of Each Component using Individual Costs?

FIRST Step Consider the formula

C pr = \frac{C np + C m + T cc + t}{N b}

Next Step Substitute values of Variables

∴

C pr = \frac{8640 + 6720 + 7200 + 240}{2}

Next Step Prepare to Evaluate

∴

C pr = \frac{8640 + 6720 + 7200 + 240}{2}

LAST Step Evaluate

∴

C pr = 11400

Average Production Cost of Each Component using Individual Costs Formula Elements

Variables

Production Cost of Each Component

Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses.

Symbol: C_pr

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Production Cost of Each Component

Total Non Productive Cost

Total Non Productive Cost is the amount spent on activities that do not result in any productivity or profit to the plant during the manufacturing of a batch of components.

Symbol: C_np

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Non Productive Cost

Total Machining And Operating Cost

Total machining and operating cost involves considering various cost factors, including material costs, labor costs, machine operating costs, tool costs, overhead, and additional related expenses.

Symbol: C_m

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Machining And Operating Cost

Total Tool Changing Cost

Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.

Symbol: T_cc

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Tool Changing Cost

Total Tool Cost

Total tool cost involves accounting for the purchase price of the tools, their usage rates, and any costs associated with their maintenance and replacement.

Symbol: t

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Tool Cost

Batch Size

Batch size refers to the number of identical parts produced in a single production run or cycle.

Symbol: N_b

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Batch Size

Other Formulas to find Production Cost of Each Component

Go Average Production Cost of Each Component Given Total Production Cost

C pr = \frac{T p}{N b}

Other formulas in Average Production Cost category

Go Number of Tools used given Average Production Cost

N t = N b \cdot \frac{C pr - C t \cdot (t s + t m)}{C t \cdot t c + C t}

Go Number of Tools used given Average Production Time

N t = N b \cdot \frac{t p - (t s + t m)}{t c}

Go Total Non-Productive Time using Average Production Cost

T np = \frac{N b \cdot (C pr - C t \cdot t m) - (C t \cdot N t \cdot t c) - (N t \cdot C t)}{C t}

Go Setup Time for Each Product given Average Production Cost

t s = \frac{C pr - C t \cdot t m - (\frac{N t}{N b}) \cdot (C t \cdot t c + C t)}{C t}

How to Evaluate Average Production Cost of Each Component using Individual Costs?

Average Production Cost of Each Component using Individual Costs evaluator uses Production Cost of Each Component = (Total Non Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Tool Cost)/Batch Size to evaluate the Production Cost of Each Component, The Average Production Cost of Each Component using Individual Costs is defined as the total cost of producing a single component from scratch including all necessary operations and processes. The reason for this is the extended costs such as the cost of tools and operating costs etc. This makes the Average Production Cost becomes quite higher for a single product than when measured over batch size. Production Cost of Each Component is denoted by C_pr symbol.

How to evaluate Average Production Cost of Each Component using Individual Costs using this online evaluator? To use this online evaluator for Average Production Cost of Each Component using Individual Costs, enter Total Non Productive Cost (C_np), Total Machining And Operating Cost (C_m), Total Tool Changing Cost (T_cc), Total Tool Cost (t) & Batch Size (N_b) and hit the calculate button.

FAQs on Average Production Cost of Each Component using Individual Costs

What is the formula to find Average Production Cost of Each Component using Individual Costs?

The formula of Average Production Cost of Each Component using Individual Costs is expressed as Production Cost of Each Component = (Total Non Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Tool Cost)/Batch Size. Here is an example- 14962.5 = (8640+6720+7200+240)/2.

How to calculate Average Production Cost of Each Component using Individual Costs?

With Total Non Productive Cost (C_np), Total Machining And Operating Cost (C_m), Total Tool Changing Cost (T_cc), Total Tool Cost (t) & Batch Size (N_b) we can find Average Production Cost of Each Component using Individual Costs using the formula - Production Cost of Each Component = (Total Non Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Tool Cost)/Batch Size.

What are the other ways to Calculate Production Cost of Each Component?

Here are the different ways to Calculate Production Cost of Each Component-

Production Cost of Each Component=Total Production Cost/Batch Size

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Average Production Cost of Each Component using Individual Costs Formula

​GoAverage Production Cost of Each Component Given Total Production Cost Formula

Average Production Cost of Each Component using Individual Costs Example

Average Production Cost of Each Component using Individual Costs Solution

Average Production Cost of Each Component using Individual Costs Formula Elements

Other Formulas to find Production Cost of Each Component

Other formulas in Average Production Cost category

How to Evaluate Average Production Cost of Each Component using Individual Costs?

FAQs on Average Production Cost of Each Component using Individual Costs

Variable Name

GoAverage Production Cost of Each Component Given Total Production Cost Formula