+ Reply to Thread
Results 1 to 4 of 4

Need a formula to come up with total cost.. need help with the Labor Usage % portion

  1. #1
    Registered User
    Join Date
    02-12-2012
    Location
    Charleston SC
    MS-Off Ver
    Office for Mac 2011
    Posts
    4

    Need a formula to come up with total cost.. need help with the Labor Usage % portion

    I can't figure out how to incorporate the Labor Usage (%) in my formula

    I need an excel formula for the following:

    Order Quantity
    Production Time (Hours)
    Labor Usage (%).......................The percentage of the production time that workers are paid at the specified labor rate
    Labor Rate ($/HR)
    Number of Workers

    to get Total Cost
    to get Cost Per Part

    example

    Order Quantity is 120
    Production Time (Hours) 5
    Labor Usage (%) 85%
    Labor Rate ($/HR) $8.00
    Number of Workers 6

    Answer is
    Total cost $204.00
    Cost Per Part $ 1.70

  2. #2
    Valued Forum Contributor
    Join Date
    05-20-2013
    Location
    Ohio, USA
    MS-Off Ver
    Excel 2013
    Posts
    941

    Re: Need a formula to come up with total cost.. need help with the Labor Usage % portion

    Total Cost = Production Time × Labor Usage (%) × Labor Rate ($/HR) × Number of Workers
    Cost per Part = Total Cost ÷ Order Quantity

  3. #3
    Valued Forum Contributor
    Join Date
    05-20-2013
    Location
    Ohio, USA
    MS-Off Ver
    Excel 2013
    Posts
    941

    Re: Need a formula to come up with total cost.. need help with the Labor Usage % portion

    The problem I see with your method is there is no accounting for materials and overhead... unless all you are after is labor cost.

  4. #4
    Registered User
    Join Date
    02-12-2012
    Location
    Charleston SC
    MS-Off Ver
    Office for Mac 2011
    Posts
    4

    Re: Need a formula to come up with total cost.. need help with the Labor Usage % portion

    Yes just looking for labor costs..

+ Reply to Thread

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Replies: 3
    Last Post: 04-06-2014, 01:26 PM
  2. Replies: 3
    Last Post: 10-02-2012, 03:30 PM
  3. Labor and Cost
    By rtfreema in forum Excel General
    Replies: 3
    Last Post: 09-22-2011, 08:16 AM
  4. Replies: 3
    Last Post: 03-16-2010, 01:26 PM
  5. Labor cost formulas
    By BWray in forum Excel General
    Replies: 2
    Last Post: 06-30-2008, 02:46 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Search Engine Friendly URLs by vBSEO 3.6.0 RC 1