✖Total Production Cost involves summing up various cost components associated with the machining process.ⓘ Total Production Cost [T_p]			+10% -10%
✖Batch size refers to the number of identical parts produced in a single production run or cycle.ⓘ Batch Size [N_b]			+10% -10%

✖Production cost of each component involves accounting for various factors, including material costs, labor, machine operating costs, tool costs, overhead, and other related expenses.ⓘ Average Production Cost of Each Component Given Total Production Cost [C_pr]

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Formula

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Average Production Cost of Each Component Given Total Production Cost

Formula

`"C"_{"pr"} = "T"_{"p"}/"N"_{"b"}`

Example

`"11400"="22800"/"2"`

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Average Production Cost of Each Component Given Total Production Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Production Cost of Each Component = Total Production Cost/Batch Size
C_pr = T_p/N_b
This formula uses 3 Variables

Variables Used

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.
Total Production Cost - Total Production Cost involves summing up various cost components associated with the machining process.
Batch Size - Batch size refers to the number of identical parts produced in a single production run or cycle.

STEP 1: Convert Input(s) to Base Unit

Total Production Cost: 22800 --> No Conversion Required
Batch Size: 2 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_pr = T_p/N_b --> 22800/2

Evaluating ... ...

C_pr = 11400

STEP 3: Convert Result to Output's Unit

11400 --> No Conversion Required

FINAL ANSWER

11400 <-- Production Cost of Each Component

(Calculation completed in 00.004 seconds)

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Created by Kumar Siddhant

Indian Institute of Information Technology, Design and Manufacturing (IIITDM), Jabalpur

Kumar Siddhant has created this Calculator and 400+ more calculators!

Verified by Parul Keshav

National Institute of Technology (NIT), Srinagar

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< 18 Average Production Cost Calculators

Total Non-Productive Time using Average Production Cost

Go Non Productive Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*Machining Time)-(Cost of a Tool*Number of Tools Used*Time to Change One Tool)-(Number of Tools Used*Cost of a Tool))/Cost of a Tool

Machining and Operating Rate given Average Production Cost of each Component

Go Machining and Operating Rate = (Production Cost of Each Component-(Number of Tools Used*Cost of a Tool/Batch Size))/(Setup Time+Machining Time+(Number of Tools Used*Tool Changing Time/Batch Size))

Tool Changing Time for Each Tool given Average Production Cost

Go Time to Change One Tool = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool)/(Cost of a Tool*Number of Tools Used)

Total Machining Time using Average Production Cost

Go Total Machining Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*Setup Time)-Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/(Cost of a Tool)

Tool Changing Cost of Each Product using Average Production Cost

Go 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)

Machining Time for Each Product given Average Production Cost

Go Machining Time = (Production Cost of Each Component-Cost of a Tool*Setup Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool

Setup Time for Each Product given Average Production Cost

Go Setup Time = (Production Cost of Each Component-Cost of a Tool*Machining Time-(Number of Tools Used/Batch Size)*(Cost of a Tool*Time to Change One Tool+Cost of a Tool))/Cost of a Tool

Total Non-Productive Cost given Average Production Cost

Go Total Non Productive Cost = Batch Size*(Production Cost of Each Component-(Cost of a Tool*Machining Time))-(Number of Tools Used*((Cost of a Tool*Tool Changing Time)+Cost of a Tool))

Non-Productive Cost of Component given Average Production Cost

Go Non Average Production Cost = Production Cost of Each Component-(Cost of a Tool*Machining Time+(Number of Tools Used/Batch Size)*(Cost of a Tool*Tool Changing Time+Cost of a Tool))

Total Tool Changing Time using Average Production Cost

Go Total Tool Changing Time = (Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool)/(Cost of a Tool)

Total Cost of Tools used given Average Production Cost

Go 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)

Number of Tools used given Average Production Cost

Go Number of Tools Used = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))/(Cost of a Tool*Time to Change One Tool+Cost of a Tool)

Batch Size given Average Production Cost

Go Batch Size = Number of Tools Used*(Cost of a Tool*Time to Change One Tool+Cost of a Tool)/(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))

Average Production Cost of each component

Go Average Production Cost = Cost of a Tool*(Setup Time+Machining Time)+(Number of Tools Used/Batch Size)*((Cost of a Tool*Tool Changing Time)+Cost of a Tool)

Total Tool Changing Cost using Average Production Cost

Go Total Tool Changing Cost = Batch Size*(Production Cost of Each Component-Cost of a Tool*(Setup Time+Machining Time))-Number of Tools Used*Cost of a Tool

Average Production Cost of Each Component using Individual Costs

Go Production Cost of Each Component = (Total Non Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Tool Cost)/Batch Size

Number of Tools used given Average Production Time

Go Number of Tools Used = Batch Size*(Average Production Time-(Setup Time+Machining Time))/Time to Change One Tool

Average Production Cost of Each Component Given Total Production Cost

Go Production Cost of Each Component = Total Production Cost/Batch Size

Average Production Cost of Each Component Given Total Production Cost Formula

Production Cost of Each Component = Total Production Cost/Batch Size
C_pr = T_p/N_b

Components of Average Production Cost

1) Material Cost: The cost of raw materials used for the parts. 2) Labor Cost: Wages and benefits for the operators and other direct labor involved. 3) Machine Operating Cost: Includes depreciation, maintenance, and energy costs associated with running the machines. 4) Tooling Cost: The cost of tools, including their purchase, maintenance, and replacement. 5) Overhead Cost: Indirect costs such as utilities, rent, and administrative expenses. 6) Setup and Changeover Costs: Time and resources spent on preparing machines and tools for production. 7) Quality Control and Inspection Costs: Ensuring parts meet quality standards. 8) Non-Productive Time Costs: Time when the machine is not producing parts, including tool changes and machine downtime.

How to Calculate Average Production Cost of Each Component Given Total Production Cost?

Average Production Cost of Each Component Given Total Production Cost calculator uses Production Cost of Each Component = Total Production Cost/Batch Size to calculate the Production Cost of Each Component, The Average Production Cost of each component given total production cost is defined as the total cost of producing a single component from scratch including all necessary operations and processes. The reason for this is the extended costs such as the cost of tools and operating costs etc. This makes the Average Production Cost becomes quite higher for a single product than when measured over batch size. Production Cost of Each Component is denoted by C_pr symbol.

How to calculate Average Production Cost of Each Component Given Total Production Cost using this online calculator? To use this online calculator for Average Production Cost of Each Component Given Total Production Cost, enter Total Production Cost (T_p) & Batch Size (N_b) and hit the calculate button. Here is how the Average Production Cost of Each Component Given Total Production Cost calculation can be explained with given input values -> 15000 = 22800/2.

FAQ

What is Average Production Cost of Each Component Given Total Production Cost?

The Average Production Cost of each component given total production cost is defined as the total cost of producing a single component from scratch including all necessary operations and processes. The reason for this is the extended costs such as the cost of tools and operating costs etc. This makes the Average Production Cost becomes quite higher for a single product than when measured over batch size and is represented as C_pr = T_p/N_b or Production Cost of Each Component = Total Production Cost/Batch Size. Total Production Cost involves summing up various cost components associated with the machining process & Batch size refers to the number of identical parts produced in a single production run or cycle.

How to calculate Average Production Cost of Each Component Given Total Production Cost?

The Average Production Cost of each component given total production cost is defined as the total cost of producing a single component from scratch including all necessary operations and processes. The reason for this is the extended costs such as the cost of tools and operating costs etc. This makes the Average Production Cost becomes quite higher for a single product than when measured over batch size is calculated using Production Cost of Each Component = Total Production Cost/Batch Size. To calculate Average Production Cost of Each Component Given Total Production Cost, you need Total Production Cost (T_p) & Batch Size (N_b). With our tool, you need to enter the respective value for Total Production Cost & Batch Size and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.

How many ways are there to calculate Production Cost of Each Component?

In this formula, Production Cost of Each Component uses Total Production Cost & Batch Size. We can use 1 other way(s) to calculate the same, which is/are as follows -

Production Cost of Each Component = (Total Non Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Tool Cost)/Batch Size

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