Average Production Cost of Each Component using Individual Costs Calculator

✖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.ⓘ Total Non-Productive Cost [TNPC]			+10% -10%
✖Total Machining And Operating Cost is the total amount of money required to machine a given batch of product.ⓘ Total Machining And Operating Cost [C_m]			+10% -10%
✖Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour.ⓘ Total Tool Changing Cost [TCC]			+10% -10%
✖Total Cost of Tools Used is the sum of the amount of all tools that have been used for production.ⓘ Total Cost of Tools Used [TTC]			+10% -10%
✖Batch Size is the count of similar kinds of products to be manufactured.ⓘ Batch Size [N_b]			+10% -10%

✖Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.ⓘ Average Production Cost of Each Component using Individual Costs [C_pr]

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Formula

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Average Production Cost of Each Component using Individual Costs

Formula

`"C"_{"pr"} = ("TNPC"+"C"_{"m"}+"TCC"+"TTC")/"N"_{"b"}`

Example

`"15000"=("28360"+"100"+"540"+"1000")/"2"`

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Average Production Cost of Each Component using Individual Costs Solution

STEP 0: Pre-Calculation Summary

Formula Used

Production Cost of Each Component = (Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)/Batch Size
C_pr = (TNPC+C_m+TCC+TTC)/N_b
This formula uses 6 Variables

Variables Used

Production Cost of Each Component - Production Cost of Each Component is the total amount that it takes to produce a single component from scratch.
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.
Total Machining And Operating Cost - Total Machining And Operating Cost is the total amount of money required to machine a given batch of product.
Total Tool Changing Cost - Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour.
Total Cost of Tools Used - Total Cost of Tools Used is the sum of the amount of all tools that have been used for production.
Batch Size - Batch Size is the count of similar kinds of products to be manufactured.

STEP 1: Convert Input(s) to Base Unit

Total Non-Productive Cost: 28360 --> No Conversion Required
Total Machining And Operating Cost: 100 --> No Conversion Required
Total Tool Changing Cost: 540 --> No Conversion Required
Total Cost of Tools Used: 1000 --> No Conversion Required
Batch Size: 2 --> No Conversion Required

STEP 2: Evaluate Formula

Substituting Input Values in Formula

C_pr = (TNPC+C_m+TCC+TTC)/N_b --> (28360+100+540+1000)/2

Evaluating ... ...

C_pr = 15000

STEP 3: Convert Result to Output's Unit

15000 --> No Conversion Required

FINAL ANSWER

15000 <-- Production Cost of Each Component

(Calculation completed in 00.004 seconds)

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Credits

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

Parul Keshav has verified this Calculator and 400+ more calculators!

< 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

Non-Productive Cost of Component given Average Production Cost

Go Non Another Productive Cost of Each Component = 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 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))

Total Cost of Tools used given Average Production Cost

Go Total Cost of Tools Used = (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)

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)))

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)

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)

Average Production Cost of each component

Go Production Cost of Each Component = 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 Cost of Tools Used)/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 using Individual Costs Formula

Production Cost of Each Component = (Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)/Batch Size
C_pr = (TNPC+C_m+TCC+TTC)/N_b

Average Production Cost of each component

The average Production Cost of each component is usually determined by taking an average over a defined batch of products. 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.

How to Calculate Average Production Cost of Each Component using Individual Costs?

Average Production Cost of Each Component using Individual Costs calculator uses Production Cost of Each Component = (Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)/Batch Size to calculate the Production Cost of Each Component, The Average Production Cost of Each Component using Individual Costs is a method to determine the average cost it takes to produce a single product taken from a given batch of products when all estimated individual costs are known. Production Cost of Each Component is denoted by C_pr symbol.

How to calculate Average Production Cost of Each Component using Individual Costs using this online calculator? To use this online calculator for Average Production Cost of Each Component using Individual Costs, enter Total Non-Productive Cost (TNPC), Total Machining And Operating Cost (C_m), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC) & Batch Size (N_b) and hit the calculate button. Here is how the Average Production Cost of Each Component using Individual Costs calculation can be explained with given input values -> 825 = (28360+100+540+1000)/2.

FAQ

What is Average Production Cost of Each Component using Individual Costs?

The Average Production Cost of Each Component using Individual Costs is a method to determine the average cost it takes to produce a single product taken from a given batch of products when all estimated individual costs are known and is represented as C_pr = (TNPC+C_m+TCC+TTC)/N_b or Production Cost of Each Component = (Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)/Batch Size. 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, Total Machining And Operating Cost is the total amount of money required to machine a given batch of product, Total Tool Changing Cost is the total cost that arises due to the time taken by the operator in changing the Cutting Tool when he is paid by the hour, Total Cost of Tools Used is the sum of the amount of all tools that have been used for production & Batch Size is the count of similar kinds of products to be manufactured.

How to calculate Average Production Cost of Each Component using Individual Costs?

The Average Production Cost of Each Component using Individual Costs is a method to determine the average cost it takes to produce a single product taken from a given batch of products when all estimated individual costs are known is calculated using Production Cost of Each Component = (Total Non-Productive Cost+Total Machining And Operating Cost+Total Tool Changing Cost+Total Cost of Tools Used)/Batch Size. To calculate Average Production Cost of Each Component using Individual Costs, you need Total Non-Productive Cost (TNPC), Total Machining And Operating Cost (C_m), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC) & Batch Size (N_b). With our tool, you need to enter the respective value for Total Non-Productive Cost, Total Machining And Operating Cost, Total Tool Changing Cost, Total Cost of Tools Used & 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 Non-Productive Cost, Total Machining And Operating Cost, Total Tool Changing Cost, Total Cost of Tools Used & Batch Size. We can use 2 other way(s) to calculate the same, which is/are as follows -

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

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