Managerial AccountingAnswers 1Bids 47Other questions 10,Managerial AccountingAnswers 1Bids 47Other questions 10

Managing activities across the value chain represents a comprehensive integrated approach to the traditional management functions of planning and control. Eliminating non-value-added activities from the chain is central to this strategic approach to cost management.Smith Corporation is considering the implementation of a JIT inventory system. The company recently analyzed its cycle time to determine the average number of days spent in each activity of its production process. Use the summary of the analysis shown below to answer the included questions in a response of  2-3 pages:Production Activity                                                                    Number of DaysReceiving materials                                                                               1Inspecting material                                                                                4Storing Materials                                                                                    9Moving materials into production                                               6Setting-up production equipment                                                7Cutting materials                                                                                   6Assembling materials                                                                          7Painting finished products                                                               4Packaging finished products                                                           1a. What steps are needed to determine the value-adding production activites?b. What is the total cycle time in days?c. What is the manufacturing efficiency ratio________%?d. Discuss the activities that might me reduced or eliminated to implement an efficient JIT system?

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