Question: Ternes Manufacturing produces metal products primarily used in the construction industry. The three main inputs in production are materials (metal), labor, and overhead. Data for the previous three reporting periods follow: Period 3 Period 2 Period 1 Materials cost $ 49,000 $ 63,500 $ 58,750 Labor cost 28,150 37,820 34,200 Overhead 41,050 46,600 44,850 Value of product produced 135,930 177,504 162,604
Required: a. Compute the total factor productivity for the previous three reporting periods.