Total Cost of Tools Used given Individual Costs Formula

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Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process. Check FAQs
c=Cp-(Cnp+Cm+Ct)
c - Total Cost of Tools Used?Cp - Total Production Cost?Cnp - Total Non Productive Cost?Cm - Total Machining and Operating Cost?Ct - Total Tool Changing Cost?

Total Cost of Tools Used given Individual Costs Example

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With units
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Here is how the Total Cost of Tools Used given Individual Costs equation looks like with Values.

Here is how the Total Cost of Tools Used given Individual Costs equation looks like with Units.

Here is how the Total Cost of Tools Used given Individual Costs equation looks like.

29815Edit=30000Edit-(10Edit+100Edit+75Edit)
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Total Cost of Tools Used given Individual Costs Solution

Follow our step by step solution on how to calculate Total Cost of Tools Used given Individual Costs?

FIRST Step Consider the formula
c=Cp-(Cnp+Cm+Ct)
Next Step Substitute values of Variables
c=30000-(10+100+75)
Next Step Prepare to Evaluate
c=30000-(10+100+75)
LAST Step Evaluate
c=29815

Total Cost of Tools Used given Individual Costs Formula Elements

Variables
Total Cost of Tools Used
Total cost of tools used refers to the comprehensive expense incurred for all tools required throughout the production process.
Symbol: c
Measurement: NAUnit: Unitless
Note: Value should be greater than 0.
Total Production Cost
Total Production Cost involves summing up various cost components associated with the machining process.
Symbol: Cp
Measurement: NAUnit: Unitless
Note: Value should be greater than 0.
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: Cnp
Measurement: NAUnit: Unitless
Note: Value should be greater than 0.
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: Cm
Measurement: NAUnit: Unitless
Note: Value should be greater than 0.
Total Tool Changing Cost
Total Tool Changing Cost involves accounting for both the direct and indirect expenses related to the tool change process.
Symbol: Ct
Measurement: NAUnit: Unitless
Note: Value should be greater than 0.

Other formulas in Individual Cost category

​Go Non-Productive Cost of One Component given Individual Costs
Ca=Cp-(Cm+Ct+c)B
​Go Total Non-Productive Cost given Individual Costs
Cnp=Cp-(Cm+Ct+c)
​Go Total Production Cost given Individual Costs
Cp=Cnp+Cm+Ct+c
​Go Setup Time for Each Product given Individual Costs
ts=Cp-(Cm+Ct+c)CB

How to Evaluate Total Cost of Tools Used given Individual Costs?

Total Cost of Tools Used given Individual Costs evaluator uses Total Cost of Tools Used = Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Tool Changing Cost) to evaluate the Total Cost of Tools Used, Total Cost of Tools Used given Individual Costs 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 Cost of Tools Used is denoted by c symbol.

How to evaluate Total Cost of Tools Used given Individual Costs using this online evaluator? To use this online evaluator for Total Cost of Tools Used given Individual Costs, enter Total Production Cost (Cp), Total Non Productive Cost (Cnp), Total Machining and Operating Cost (Cm) & Total Tool Changing Cost (Ct) and hit the calculate button.

FAQs on Total Cost of Tools Used given Individual Costs

What is the formula to find Total Cost of Tools Used given Individual Costs?
The formula of Total Cost of Tools Used given Individual Costs is expressed as Total Cost of Tools Used = Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Tool Changing Cost). Here is an example- 29815 = 30000-(10+100+75).
How to calculate Total Cost of Tools Used given Individual Costs?
With Total Production Cost (Cp), Total Non Productive Cost (Cnp), Total Machining and Operating Cost (Cm) & Total Tool Changing Cost (Ct) we can find Total Cost of Tools Used given Individual Costs using the formula - Total Cost of Tools Used = Total Production Cost-(Total Non Productive Cost+Total Machining and Operating Cost+Total Tool Changing Cost).
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