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Total Machining and Operating Costs using Average Production Cost Formula

GoTotal Machining and Operating Costs given Total Production Cost Formula

GoTotal Machining and Operating Costs given Individual Costs Formula

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Total Machining And Operating Cost is the total amount of money required to machine a given batch of product. Check FAQs

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

C_o - Total Machining And Operating Cost?C_pr - Production Cost of Each Component?C'_avg - Average Cost of A Tool?NPT - Non Productive Time?N_t - Number of Tools Used?B - Batch Size?t_c - Time to Change One Tool?

Total Machining and Operating Costs using Average Production Cost Example

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Here is how the Total Machining and Operating Costs using Average Production Cost equation looks like with Values.

Here is how the Total Machining and Operating Costs using Average Production Cost equation looks like with Units.

Here is how the Total Machining and Operating Costs using Average Production Cost equation looks like.

28450.0164 = (18226 - (42.338 \cdot 0.8) - (\frac{3}{2} \cdot (42.338 \cdot 0.5 + 42.338))) \cdot 2

28450.0164 = (18226 - (42.338 \cdot 0.8min) - (\frac{3}{2} \cdot (42.338 \cdot 0.5min + 42.338))) \cdot 2

28450.0164 = (18226 - (42.338 \cdot 0.8) - (\frac{3}{2} \cdot (42.338 \cdot 0.5 + 42.338))) \cdot 2

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Total Machining and Operating Costs using Average Production Cost Solution

Follow our step by step solution on how to calculate Total Machining and Operating Costs using Average Production Cost?

FIRST Step Consider the formula

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

Next Step Substitute values of Variables

∴

C o = (18226 - (42.338 \cdot 0.8min) - (\frac{3}{2} \cdot (42.338 \cdot 0.5min + 42.338))) \cdot 2

Next Step Convert Units

∴

C o = (18226 - (42.338 \cdot 48.0012s) - (\frac{3}{2} \cdot (42.338 \cdot 30s + 42.338))) \cdot 2

Next Step Prepare to Evaluate

∴

C o = (18226 - (42.338 \cdot 48.0012) - (\frac{3}{2} \cdot (42.338 \cdot 30 + 42.338))) \cdot 2

Next Step Evaluate

∴

C o = 28450.0163888

LAST Step Rounding Answer

∴

C o = 28450.0164

Total Machining and Operating Costs using Average Production Cost Formula Elements

Variables

Total Machining And Operating Cost

Total Machining And Operating Cost is the total amount of money required to machine a given batch of product.

Symbol: C_o

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Total Machining And Operating Cost

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

Non Productive Time

Non Productive Time is the total time wasted in setting up the machine or workpiece for a particular process.

Symbol: NPT

Measurement: TimeUnit: min

Note: Value should be greater than 0.

Formulas to find Non Productive 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 to find Total Machining And Operating Cost

Go Total Machining and Operating Costs given Total Production Cost

C o = TPC - (TTC + TCC + TNPC)

Go Total Machining and Operating Costs given Individual Costs

C o = TPC - (TNPC + TCC + TTC)

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 Total Machining and Operating Costs using Average Production Cost?

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

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

FAQs on Total Machining and Operating Costs using Average Production Cost

What is the formula to find Total Machining and Operating Costs using Average Production Cost?

The formula of Total Machining and Operating Costs using Average Production Cost is expressed as Total Machining And Operating Cost = (Production Cost of Each Component-(Average Cost of A Tool*Non Productive Time)-(Number of Tools Used/Batch Size*(Average Cost of A Tool*Time to Change One Tool+Average Cost of A Tool)))*Batch Size. Here is an example- 28450.02 = (18226-(42.338*48.0012)-(3/2*(42.338*30+42.338)))*2.

How to calculate Total Machining and Operating Costs using Average Production Cost?

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

What are the other ways to Calculate Total Machining And Operating Cost?

Here are the different ways to Calculate Total Machining And Operating Cost-

Total Machining And Operating Cost=Total Production Cost-(Total Cost of Tools Used+Total Tool Changing Cost+Total Non Productive Cost)
Total Machining And Operating Cost=Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used)

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Total Machining and Operating Costs using Average Production Cost Formula

​GoTotal Machining and Operating Costs given Total Production Cost Formula

​GoTotal Machining and Operating Costs given Individual Costs Formula

Total Machining and Operating Costs using Average Production Cost Example

Total Machining and Operating Costs using Average Production Cost Solution

Total Machining and Operating Costs using Average Production Cost Formula Elements

Other Formulas to find Total Machining And Operating Cost

Other formulas in Machining Cost category

How to Evaluate Total Machining and Operating Costs using Average Production Cost?

FAQs on Total Machining and Operating Costs using Average Production Cost

Variable Name

GoTotal Machining and Operating Costs given Total Production Cost Formula

GoTotal Machining and Operating Costs given Individual Costs Formula