Venice Textiles produces cloth. The inputs are fabric, labor, and overhead. Fragmentary productivity records from plant files for the last period show the following: Fabric price (per bolt) Sales price (per bolt) Sales revenue $2,240,000 Manufacturing overhead $ 500,000 Total factor productivity 2.00 $32 $ 165 Total labor costs $ 130,000 Required: Determine the partial fabric (materials) productivity. Note: Do not round intermediate calculations. Round your final answer to 2 decimal places.

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.