A given machining operation is being performed and managements wants to know the

Question

A given machining operation is being performed and managements wants to know the cost for performing the work. The information you’ve collected shows the following: Machining Time = 7.680 min., Part Handling Time = 2.650 min., and the Tool Change Time = 15.535 min. The tool requires changing every 585 work pieces and the cost of the cutting tool is $100.75 per tool. The hourly rate for performing the machining and handling within the operation is $118.84 per hour. Determine the total cost required to perform the operation per part.

Explanation / Answer

Given:

machining time=7.68 min  

Part handling time=2.65 min

tool changing time=15.535min , hourly rate for perform operation =118.84$/hr

since cost of changing tool is not given, assuming cost of changing tool=118.84$/hr

so cost of performing machining and handling operation per part = (7.68+2.65)*118.84/60

=20.46 $

cost of changing tool per part= tool changing time*cost of tool changing/60/total workpieces requiring tool change

=15.535*118.84/60/585

= 0.0526$

cost of cutting tool per part= cost of cutting tool/total workpieces

= 100.75/585

= 0.1722 $

Total Cost=cost of cutting tool per part + cost of changing tool per part +  cost of performing machining and handling operation per part

= 0.1722+ 0.0526+20.46

= 20.684$

total cost per part= 20.684 $

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