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
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