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Total Cost of Tools used given Average Production Cost Formula

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

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

t - Total Tool Cost?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?t_c - Time to Change One Tool?

Total Cost of Tools used given Average Production Cost Example

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Here is how the Total Cost of Tools used given Average Production Cost equation looks like with Values.

Here is how the Total Cost of Tools used given Average Production Cost equation looks like with Units.

Here is how the Total Cost of Tools used given Average Production Cost equation looks like.

240 = (2 \cdot (11400 - 80 \cdot (0.45 + 1.15)) - 80 \cdot 3 \cdot 0.5)

240 = (2 \cdot (11400 - 80 \cdot (0.45min + 1.15min)) - 80 \cdot 3 \cdot 0.5min)

240 = (2 \cdot (11400 - 80 \cdot (0.45 + 1.15)) - 80 \cdot 3 \cdot 0.5)

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Total Cost of Tools used given Average Production Cost Solution

Follow our step by step solution on how to calculate Total Cost of Tools used given Average Production Cost?

FIRST Step Consider the formula

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

Next Step Substitute values of Variables

∴

t = (2 \cdot (11400 - 80 \cdot (0.45min + 1.15min)) - 80 \cdot 3 \cdot 0.5min)

Next Step Convert Units

∴

t = (2 \cdot (11400 - 80 \cdot (27s + 69s)) - 80 \cdot 3 \cdot 30s)

Next Step Prepare to Evaluate

∴

t = (2 \cdot (11400 - 80 \cdot (27 + 69)) - 80 \cdot 3 \cdot 30)

LAST Step Evaluate

∴

t = 240

Total Cost of Tools used given Average Production Cost Formula Elements

Variables

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

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

Time to Change One Tool

Time to change one tool often referred to as tool change time, includes the duration taken to remove the used tool and install a new one.

Symbol: t_c

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Time to Change One Tool

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 Total Cost of Tools used given Average Production Cost?

Total Cost of Tools used given Average Production Cost evaluator uses Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool) to evaluate the Total Tool Cost, The Total Cost of Tools used given Average Production Cost refers to the cumulative expense incurred for all tools required throughout the production process. This cost is a component of the overall manufacturing costs and directly impacts the average production cost per component. Total Tool Cost is denoted by t symbol.

How to evaluate Total Cost of Tools used given Average Production Cost using this online evaluator? To use this online evaluator for Total Cost of Tools used given 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) & Time to Change One Tool (t_c) and hit the calculate button.

FAQs on Total Cost of Tools used given Average Production Cost

What is the formula to find Total Cost of Tools used given Average Production Cost?

The formula of Total Cost of Tools used given Average Production Cost is expressed as Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool). Here is an example- 240 = (2*(11400-80*(27+69))-80*3*30).

How to calculate Total Cost of Tools used given 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) & Time to Change One Tool (t_c) we can find Total Cost of Tools used given Average Production Cost using the formula - Total Tool Cost = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Cost of a Tool*Number of Tools Used*Time to Change One Tool).

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Total Cost of Tools used given Average Production Cost Formula

Total Cost of Tools used given Average Production Cost Example

Total Cost of Tools used given Average Production Cost Solution

Total Cost of Tools used given Average Production Cost Formula Elements

Other formulas in Average Production Cost category

How to Evaluate Total Cost of Tools used given Average Production Cost?

FAQs on Total Cost of Tools used given Average Production Cost

Variable Name