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Answer :
Final answer:
By calculating the price per foot of rubber ($0.275) and multiplying by the amount used (14,600 feet), we find that the total production costs for the O-rings were $4,015.
Explanation:
The total production costs for the O-rings can be calculated by dividing the cost of rubber used by the quantity of rubber used. Ed Co. bought 26,000 feet of rubber for $7,150. The company used 14,600 feet of rubber. The price per foot of rubber is therefore $7,150 / 26,000 = $0.275. The total cost of the rubber used in production is thus 14,600 feet * $0.275/foot = $4,015.
This example of calculating production costs combines information about quantities of materials used and their costs. Understanding this basic concept is a key factor in manufacturing and business.
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