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Tool Changing Cost of Each Product using Average Production Cost Formula

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The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour. Check FAQs

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

C_ct - Cost of Changing Each Tool?N_b - Batch Size?C_pr - Production Cost of Each Component?C_t - Cost of a Tool?t_s - Setup Time?t_m - Machining Time?N_t - Number of Tools Used?

Tool Changing Cost of Each Product using Average Production Cost Example

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Here is how the Tool Changing Cost of Each Product using Average Production Cost equation looks like with Values.

Here is how the Tool Changing Cost of Each Product using Average Production Cost equation looks like with Units.

Here is how the Tool Changing Cost of Each Product using Average Production Cost equation looks like.

2400 = \frac{2 \cdot 11400 - 2 \cdot 80 \cdot (0.45 + 1.15) - 3 \cdot 80}{3}

2400 = \frac{2 \cdot 11400 - 2 \cdot 80 \cdot (0.45min + 1.15min) - 3 \cdot 80}{3}

2400 = \frac{2 \cdot 11400 - 2 \cdot 80 \cdot (0.45 + 1.15) - 3 \cdot 80}{3}

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Tool Changing Cost of Each Product using Average Production Cost Solution

Follow our step by step solution on how to calculate Tool Changing Cost of Each Product using Average Production Cost?

FIRST Step Consider the formula

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

Next Step Substitute values of Variables

∴

C ct = \frac{2 \cdot 11400 - 2 \cdot 80 \cdot (0.45min + 1.15min) - 3 \cdot 80}{3}

Next Step Convert Units

∴

C ct = \frac{2 \cdot 11400 - 2 \cdot 80 \cdot (27s + 69s) - 3 \cdot 80}{3}

Next Step Prepare to Evaluate

∴

C ct = \frac{2 \cdot 11400 - 2 \cdot 80 \cdot (27 + 69) - 3 \cdot 80}{3}

LAST Step Evaluate

∴

C ct = 2400

Tool Changing Cost of Each Product using Average Production Cost Formula Elements

Variables

Cost of Changing Each Tool

The cost of changing each Tool is the cost that arises due to the time taken by the operator to change one tool when he is paid by the hour.

Symbol: C_ct

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Cost of Changing Each Tool

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

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

Cost of a Tool

Cost of a tool is a multifaceted consideration that includes the initial purchase price, maintenance costs, tool life, and the impact on overall production costs.

Symbol: C_t

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find 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

Machining Time

Machining time refers to the total time required to complete a specific machining operation on a workpiece.

Symbol: t_m

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Machining 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

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}

How to Evaluate Tool Changing Cost of Each Product using Average Production Cost?

Tool Changing Cost of Each Product using Average Production Cost evaluator uses Cost of Changing Each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used) to evaluate the Cost of Changing Each Tool, Tool Changing Cost of Each Product using Average Production Cost refers to the portion of the total production cost that is attributed to the time and resources required to change tools during the manufacturing process. This cost includes the labor, machine downtime, and any associated expenses incurred each time a tool is changed. Cost of Changing Each Tool is denoted by C_ct symbol.

How to evaluate Tool Changing Cost of Each Product using Average Production Cost using this online evaluator? To use this online evaluator for Tool Changing Cost of Each Product using Average Production Cost, enter Batch Size (N_b), Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Machining Time (t_m) & Number of Tools Used (N_t) and hit the calculate button.

FAQs on Tool Changing Cost of Each Product using Average Production Cost

What is the formula to find Tool Changing Cost of Each Product using Average Production Cost?

The formula of Tool Changing Cost of Each Product using Average Production Cost is expressed as Cost of Changing Each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used). Here is an example- 2400 = (2*11400-2*80*(27+69)-3*80)/(3).

How to calculate Tool Changing Cost of Each Product using Average Production Cost?

With Batch Size (N_b), Production Cost of Each Component (C_pr), Cost of a Tool (C_t), Setup Time (t_s), Machining Time (t_m) & Number of Tools Used (N_t) we can find Tool Changing Cost of Each Product using Average Production Cost using the formula - Cost of Changing Each Tool = (Batch Size*Production Cost of Each Component-Batch Size*Cost of a Tool*(Setup Time+Machining Time)-Number of Tools Used*Cost of a Tool)/(Number of Tools Used).

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Tool Changing Cost of Each Product using Average Production Cost Formula

Tool Changing Cost of Each Product using Average Production Cost Example

Tool Changing Cost of Each Product using Average Production Cost Solution

Tool Changing Cost of Each Product using Average Production Cost Formula Elements

Other formulas in Average Production Cost category

How to Evaluate Tool Changing Cost of Each Product using Average Production Cost?

FAQs on Tool Changing Cost of Each Product using Average Production Cost

Variable Name