Estimation of Product Cost: Mechanical Engineering Analysis

This assignment focuses on the estimation of product costs, a crucial aspect of mechanical engineering and manufacturing. It explores the various components of production costs, including material costs, labor charges, tooling costs, and overhead costs. The analysis uses the example of a crankshaft to illustrate the cost estimation process, considering factors like material losses, forging costs, and direct and indirect labor. The document provides step-by-step calculations to determine the total cost of production, taking into account the customer-provided raw materials and tooling. The analysis also includes the impact of factory overhead and corporate overhead rates on the final product cost. The assignment highlights the importance of optimizing costs and incorporating markup to achieve profitability, providing a comprehensive understanding of product cost estimation in a practical context.