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Machining and Operating Cost of Each Product using Average Production Cost Formula

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Average Machining Cost of Each Product is the total average amount of money required to machine a single product. Check FAQs

C avg = C pr - (C' avg \cdot t s + (\frac{N t}{B}) \cdot ((C' avg \cdot t c) + C' avg))

C_avg - Average Machining Cost of Each Product?C_pr - Production Cost of Each Component?C'_avg - Average Cost of A Tool?t_s - Setup Time?N_t - Number of Tools Used?B - Batch Size?t_c - Time to Change One Tool?

Machining and Operating Cost of Each Product using Average Production Cost Example

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Here is how the Machining and Operating Cost of Each Product using Average Production Cost equation looks like with Values.

Here is how the Machining and Operating Cost of Each Product using Average Production Cost equation looks like with Units.

Here is how the Machining and Operating Cost of Each Product using Average Production Cost equation looks like.

6960.0106 = 18226 - (42.338 \cdot 3.6599 + (\frac{3}{2}) \cdot ((42.338 \cdot 0.5) + 42.338))

6960.0106 = 18226 - (42.338 \cdot 3.6599min + (\frac{3}{2}) \cdot ((42.338 \cdot 0.5min) + 42.338))

6960.0106 = 18226 - (42.338 \cdot 3.6599 + (\frac{3}{2}) \cdot ((42.338 \cdot 0.5) + 42.338))

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Machining and Operating Cost of Each Product using Average Production Cost Solution

Follow our step by step solution on how to calculate Machining and Operating Cost of Each Product using Average Production Cost?

FIRST Step Consider the formula

C avg = C pr - (C' avg \cdot t s + (\frac{N t}{B}) \cdot ((C' avg \cdot t c) + C' avg))

Next Step Substitute values of Variables

∴

C avg = 18226 - (42.338 \cdot 3.6599min + (\frac{3}{2}) \cdot ((42.338 \cdot 0.5min) + 42.338))

Next Step Convert Units

∴

C avg = 18226 - (42.338 \cdot 219.5964s + (\frac{3}{2}) \cdot ((42.338 \cdot 30s) + 42.338))

Next Step Prepare to Evaluate

∴

C avg = 18226 - (42.338 \cdot 219.5964 + (\frac{3}{2}) \cdot ((42.338 \cdot 30) + 42.338))

Next Step Evaluate

∴

C avg = 6960.0106168

LAST Step Rounding Answer

∴

C avg = 6960.0106

Machining and Operating Cost of Each Product using Average Production Cost Formula Elements

Variables

Average Machining Cost of Each Product

Average Machining Cost of Each Product is the total average amount of money required to machine a single product.

Symbol: C_avg

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Average Machining Cost of Each Product

Production Cost of Each Component

Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.

Symbol: C_pr

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Production Cost of Each Component

Average Cost of A Tool

Average Cost of A Tool is simply the average cost of one tool being used for machining.

Symbol: C'_avg

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Average Cost of A Tool

Setup Time

Setup Time of each component is the time required to load/unload the workpiece and position the tool for production for one component.

Symbol: t_s

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Setup Time

Number of Tools Used

The Number of Tools Used is the total number of tools used for manufacturing a batch of products.

Symbol: N_t

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Number of Tools Used

Batch Size

Batch Size refers to the number of components or parts produced in a single production run before the setup is changed for another product.

Symbol: B

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Batch Size

Time to Change One Tool

Time to Change One Tool is the measure of time it takes to change one tool during machining.

Symbol: t_c

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Time to Change One Tool

Other formulas in Machining Cost category

Go Total Machining and Operating Cost

C r = M \cdot TPT

Go Machining and Operating Rate given Total Machining and Operating Cost

M = \frac{C r}{TPT}

How to Evaluate Machining and Operating Cost of Each Product using Average Production Cost?

Machining and Operating Cost of Each Product using Average Production Cost evaluator uses Average Machining Cost of Each Product = Production Cost of Each Component-(Average Cost of A Tool*Setup Time+(Number of Tools Used/Batch Size)*((Average Cost of A Tool*Time to Change One Tool)+Average Cost of A Tool)) to evaluate the Average Machining Cost of Each Product, The Machining and Operating Cost of each product using Average Production Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the average expense it took to manufacture a single component. Average Machining Cost of Each Product is denoted by C_avg symbol.

How to evaluate Machining and Operating Cost of Each Product using Average Production Cost using this online evaluator? To use this online evaluator for Machining and Operating Cost of Each Product using Average Production Cost, enter Production Cost of Each Component (C_pr), Average Cost of A Tool (C'_avg), Setup Time (t_s), Number of Tools Used (N_t), Batch Size (B) & Time to Change One Tool (t_c) and hit the calculate button.

FAQs on Machining and Operating Cost of Each Product using Average Production Cost

What is the formula to find Machining and Operating Cost of Each Product using Average Production Cost?

The formula of Machining and Operating Cost of Each Product using Average Production Cost is expressed as Average Machining Cost of Each Product = Production Cost of Each Component-(Average Cost of A Tool*Setup Time+(Number of Tools Used/Batch Size)*((Average Cost of A Tool*Time to Change One Tool)+Average Cost of A Tool)). Here is an example- 6960.011 = 18226-(42.338*219.5964+(3/2)*((42.338*30)+42.338)).

How to calculate Machining and Operating Cost of Each Product using Average Production Cost?

With Production Cost of Each Component (C_pr), Average Cost of A Tool (C'_avg), Setup Time (t_s), Number of Tools Used (N_t), Batch Size (B) & Time to Change One Tool (t_c) we can find Machining and Operating Cost of Each Product using Average Production Cost using the formula - Average Machining Cost of Each Product = Production Cost of Each Component-(Average Cost of A Tool*Setup Time+(Number of Tools Used/Batch Size)*((Average Cost of A Tool*Time to Change One Tool)+Average Cost of A Tool)).

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Machining and Operating Cost of Each Product using Average Production Cost Formula

Machining and Operating Cost of Each Product using Average Production Cost Example

Machining and Operating Cost of Each Product using Average Production Cost Solution

Machining and Operating Cost of Each Product using Average Production Cost Formula Elements

Other formulas in Machining Cost category

How to Evaluate Machining and Operating Cost of Each Product using Average Production Cost?

FAQs on Machining and Operating Cost of Each Product using Average Production Cost

Variable Name