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How can you calculate your manufacturing cost.... is that like the following formula (direct materials + direct labors and indirect labors + indirect machine cost ) all of the above divided by the produced quantity ABSOLUTELY NO !!!!!

Post 23 of 52: MBWA : Scrap Management Process - EMS Industry Having scrap on a shop floor is inevitable. Yes, it can be controlled and reduced but still there will be a scrap related to components, sub-assemblies and finished products. How do you manage scrap on the shop floor ? Is there a daily review process ? How do you claim it back to suppliers or customers for the factors which are beyond your control? I have drafted a simple process to manage scrap on the shop floor. I believe this would help the organisations to manage this topic effectively. Please drop me a message, if you have any questions or queries about this process. I would be very happy to answer these queries. - Amarpreet Singh P.S : I am running a series of 52 posts, which will guide the readers through the step by step process of setting up of Electronics Manufacturing Industry. #emsmanufacturer #manufacturing #electronicsindustry

Post 23 of 52: MBWA : Scrap Management Process - EMS Industry Having scrap on a shop floor is inevitable. Yes, it can be controlled and reduced but still there will be a scrap related to components, sub-assemblies and finished products. How do you manage scrap on the shop floor ? Is there a daily review process ? How do you claim it back to suppliers or customers for the factors which are beyond your control? I have drafted a simple process to manage scrap on the shop floor. I believe this would help the organisations to manage this topic effectively. Please drop me a message, if you have any questions or queries about this process. I would be very happy to answer these queries. - Amarpreet Singh P.S : I am running a series of 52 posts, which will guide the readers through the step by step process of setting up of Electronics Manufacturing Industry. #emsmanufacturer #manufacturing #electronicsindustry

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Manufacturing Cost Calculations In manufacturing plants, engineers are tasked with determining the necessary quantity of components and the hours required to produce finished products. They then share these details with the cost control team and buyers. Buyers Buyers are responsible for contacting vendors to obtain quotations for components, aiming to secure the best prices. Cost Control Team The cost control team calculates the approximate cost of each machine, including "Processing Depreciation" and other overhead costs. --------Processing Depreciation (Time-Based)-------- This calculation method is based on financial depreciation. It involves dividing the annual depreciation by the number of working months, then days, and finally hours. Using the engineer's recommended hours, we can plan the total machine cost. This method is useful for measuring the efficiency of a machine in producing items based on its financial depreciation. --------Processing Depreciation (Quantity-Based)-------- This method calculates depreciation based on the quantity a machine can produce. It involves determining the total acquisition cost of the machine as an asset and dividing it by the quantity produced to obtain the processing depreciation cost per unit. --------------------Overhead Cost-------------------------- Overhead costs represent expenses that are not precisely calculated, such as oil, gas, or water consumption. These costs are often calculated as a percentage of the processing depreciation cost. ......to be continued later

Following up on the previous post: Materials Cost In addition to the work done by the engineering team on the components of the finished product, they should also account for indirect materials to ensure accurate calculation of all material costs. This includes items such as shrink wrap or glues that are used in bulk for the finished product. ------------------------------------------- Scrap When considering scrap, the key question is whether it is calculated based on raw materials or finished products. The method of calculation typically depends on the industry: By-product: If the scrap does not consume raw materials and is produced alongside the finished product, it should not be categorized as scrap but rather as a by-product. In this case, you do not need to account for the raw materials' quantity in the scrap and the finished product will be produced with the total raw materials' cost. Scrap: If the scrap does consume raw materials, the quantity of raw materials should be factored in. You should then subtract the cost of the finished product by the increased raw materials cost carried by the scrap. -------------------------------------------- Conclusion If it’s scrap, subtract the finished product cost by the raw materials cost associated with the scrap. If it’s a by-product, the cost is more complex to calculate directly, but since the raw materials' quantity isn't included, the finished product is produced with the total raw materials cost.