Machining and Operating Cost of Each Product using Individual Cost Calculator

✖Total Production Cost is the total amount that it takes to produce a batch of components from scratch.ⓘ Total Production Cost [TPC]			+10% -10%
✖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 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%

✖Machining Individual Cost of Each Product is the total amount of money required to machine a single product.ⓘ Machining and Operating Cost of Each Product using Individual Cost [C_individual]

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Formula

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Machining and Operating Cost of Each Product using Individual Cost

Formula

`"C"_{"individual"} = ("TPC"-("TNPC"+"TCC"+"TTC"))/"N"_{"b"}`

Example

`"14225"=("30000"-("10"+"540"+"1000"))/"2"`

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Machining and Operating Cost of Each Product using Individual Cost Solution

STEP 0: Pre-Calculation Summary

Formula Used

Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size
C_individual = (TPC-(TNPC+TCC+TTC))/N_b
This formula uses 6 Variables

Variables Used

Machining Individual Cost of Each Product - Machining Individual Cost of Each Product is the total amount of money required to machine a single product.
Total Production Cost - Total Production Cost is the total amount that it takes to produce a batch of components 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 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 Production Cost: 30000 --> No Conversion Required
Total Non Productive Cost: 10 --> 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_individual = (TPC-(TNPC+TCC+TTC))/N_b --> (30000-(10+540+1000))/2

Evaluating ... ...

C_individual = 14225

STEP 3: Convert Result to Output's Unit

14225 --> No Conversion Required

FINAL ANSWER

14225 <-- Machining Individual Cost of Each Product

(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!

< 17 Machining Cost Calculators

Machining and Operating Rate given Machining Cost for Maximum Power

Go Machining and Operating Rate = ((Machining and Operating Cost of Each Product/Machining Time for Maximum Power)-(Time Proportion of Cutting Edge Engagement*Cost of a Tool/Tool Life))/((Time Proportion of Cutting Edge Engagement*Time to Change One Tool/Tool Life)+1)

Machining Rate given Machining Cost for Maximum Power with limited Cutting Speed

Go Machining and Operating Rate = Machining and Operating Cost of Each Product/(((((Machining Time for Minimum Cost/Machining Time for Maximum Power)^(1/Taylor's Tool Life Exponent))*Taylor's Tool Life Exponent/(1-Taylor's Tool Life Exponent))+1)*Machining Time for Maximum Power)

Machining and Operating Rate given Machining Cost

Go Machining and Operating Rate = ((Machining and Operating Cost of Each Product/Machining Time)-(Time Proportion of Cutting Edge Engagement*Cost of a Tool/Tool Life))/((Time Proportion of Cutting Edge Engagement*Time to Change One Tool/Tool Life)+1)

Total Machining and Operating Costs using Average Production Cost

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

Number of shifts given Total rate for Machining and Operator

Go Number of Shifts = (Factor to allow for Machining*Constant for Tool Type(e)*Initial Work Piece Weight^Constant for Tool Type(f))/((Total Rate of Machining and Operator-(Factor to allow for Operator*Direct Labor Rate))*(2*Amortized Years))

Factor to allow for Machining overheads given Total rate for Machining and Operator

Go Factor to allow for Machining = (Total Rate of Machining and Operator-(Factor to allow for Operator*Direct Labor Rate))*(2*Amortized Years*Number of Shifts)/(Constant for Tool Type(e)*Initial Work Piece Weight^Constant for Tool Type(f))

Factor to allow for Operator overheads given Total rate for Machining and Operator

Go Factor to allow for Operator = (Total Rate of Machining and Operator-((Factor to allow for Machining*Constant for Tool Type(e)*Initial Work Piece Weight^Constant for Tool Type(f))/(2*Amortized Years*Number of Shifts)))/Direct Labor Rate

Machining and Operating Cost of Each Product using Average Production Cost

Go Machining and Operating Cost of Each Product = 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))

Machining and Operating Cost of Each Product using Total Production Cost

Go Machining and Operating Total Cost of Each Product = Total Production Cost-(Batch Size*Cost of A Tool*Setup Time+Number of Tools Used*((Cost of A Tool*Time to Change One Tool)+Cost of A Tool))

Machining and Operating Rate given Tool Life for Minimum Machining Cost

Go Machining and Operating Rate = Cost of a Tool/((Tool Life*Taylor's Tool Life Exponent/((1-Taylor's Tool Life Exponent)*Time Proportion of Cutting Edge Engagement))-Time to Change One Tool)

Machining and Operating Cost of Each Product using Individual Cost

Go Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size

Total Machining and Operating Costs given Individual Costs

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

Total Machining and Operating Costs given Total Production Cost

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

Machining and Operating Rate for Minimum Machining Cost

Go Machining and Operating Rate = Machining and Operating Cost of Each Product*(1-Taylor's Tool Life Exponent)/Machining Time for Minimum Cost

Machining and Operating Rate given Total Machining and Operating Cost

Go Machining and Operating Rate = Total Machining And Operating Cost/Total Production Time

Total Machining and Operating Cost

Go Total Machining And Operating Cost = Machining and Operating Rate*Total Production Time

Total Non-Productive Cost

Go Total Production Cost = Non-Productive Time*Machining and Operating Rate

Machining and Operating Cost of Each Product using Individual Cost Formula

Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size
C_individual = (TPC-(TNPC+TCC+TTC))/N_b

Significance of Machining and Operating Costs

The Machining and Operating Cost basically helps in determining the count of components that can be manufactured in the given resources. If this calculated cost is lower than the actual cost based on machining time, it means that the production planning has failed, as the total number of the components that are to be produced becomes lower than the starting batch size.

How to Calculate Machining and Operating Cost of Each Product using Individual Cost?

Machining and Operating Cost of Each Product using Individual Cost calculator uses Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size to calculate the Machining Individual Cost of Each Product, Machining and Operating Cost of Each Product using Individual Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the total cost of different processes. Machining Individual Cost of Each Product is denoted by C_individual symbol.

How to calculate Machining and Operating Cost of Each Product using Individual Cost using this online calculator? To use this online calculator for Machining and Operating Cost of Each Product using Individual Cost, enter Total Production Cost (TPC), Total Non Productive Cost (TNPC), Total Tool Changing Cost (TCC), Total Cost of Tools Used (TTC) & Batch Size (N_b) and hit the calculate button. Here is how the Machining and Operating Cost of Each Product using Individual Cost calculation can be explained with given input values -> 14225 = (30000-(10+540+1000))/2.

FAQ

What is Machining and Operating Cost of Each Product using Individual Cost?

Machining and Operating Cost of Each Product using Individual Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the total cost of different processes and is represented as C_individual = (TPC-(TNPC+TCC+TTC))/N_b or Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size. Total Production Cost is the total amount that it takes to produce a batch of components from scratch, 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 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 Machining and Operating Cost of Each Product using Individual Cost?

Machining and Operating Cost of Each Product using Individual Cost is a method to determine the capital that must be invested for machining and operating processes to be afforded on a single product based on the total cost of different processes is calculated using Machining Individual Cost of Each Product = (Total Production Cost-(Total Non Productive Cost+Total Tool Changing Cost+Total Cost of Tools Used))/Batch Size. To calculate Machining and Operating Cost of Each Product using Individual Cost, you need Total Production Cost (TPC), Total Non Productive Cost (TNPC), 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 Production Cost, Total Non Productive 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.

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