Reflect for a moment or two about a student that you teach who you believe has slipped into a thinking rut. How can you tell? What identifying signals do you see? What techniques have you used in the past to help this individual to become a more critical thinker? What is one new technique that you could use in the teaching session to help this student dig out of this thinking rut?

Go through the case given and answer the questions that follow:

Toyota's history goes back to 1897, when Sakichi Toyoda (Sakichi) diversified into the handloom machinery business from his family traditional business of carpentry. He founded Toyoda Automatic Loom Works (TALW) in 1926 for manufacturing automatic looms. Sakichi invented a loom that stopped automatically when any of the threads snapped. This concept of designing equipment to stop so that defects could be fixed immediately formed the basis of the Toyota Production System (TPS) that went on to become a major factor in the company’s success.

In 1933, Sakichi established an automobile department within TALW and the first passenger car prototype was developed in 1935.

Sakichi's son Kiichiro Toyoda (Kiichiro) convinced him to enter the automobile business. After this the production of Model AA began and Toyota Motor Corporation was established in 1937. Kiichiro visited the Ford Motor Company in Detroit to study the US automotive industry. He saw that an average US worker's production was nine times that of a Japanese worker. He realized that the productivity of the Japanese automobile industry had to be increased if it were to compete globally.

Back in Japan, he customized the Ford production system to suit Japanese market. He also devised a system wherein each process in the assembly line of production would produce only the number of parts needed at the next step on the production line, which made logistics management easier as material was procured according to consumption. This system was referred to as Just-in-Time (JIT), within the Toyota Group.

The JIT production was defined as 'producing only necessary units in a necessary quantity at a necessary time resulting in decreased excess inventories and excess workforce, thereby increasing productivity.'

Kiichiro realized that by relying solely on the central planning approach, it would be very difficult to implement JIT in all the processes for an automobile. Hence, TPS followed the production flow conversely. People working in one process went to the preceding one to withdraw the necessary units in the necessary quantities at the necessary time...

Just-In-Time Production System:

Developed by the Japanese, the JIT production system was one of the most significant production management approaches of the post-World War II era. The system comprised a set of activities aimed at increasing production volume through the optimum use of inventories of raw materials, work-in-process, and finished goods. In a JIT production system, a workstation gets a part just in time, completes its work and the part is moved through the system quickly.

JIT was based on the principle of producing only what is needed and nothing more than needed. The Japanese believed that anything produced over the quantity required was a waste...

JIT In TOYOTA

In the early 1930s, the technology used by American automobile companies was superior to that used by Japanese companies. Kiichiro therefore decided to learn new automobile production techniques from American manufacturers. He soon realized that to catch up with the Americans, he had to master basic production techniques. He then reorganized the production system in Toyota in a unique way. This reorganization eventually led to the development of JIT concept...

FUTURE OF JIT:

Although many automobile companies around the world adopted JIT, the system was far from perfect and difficult to implement. It was based on the key assumption that sources and channels of supply were reliable and dependable at all times. Analysts felt that it did not take into account the possibility of labor strikes at automotive plants. Moreover, JIT involved high set up costs and Special training and reorganization of policies and procedures in the company were necessary to implement JIT. The supplier relations of the company also needed to be improved to ensure timely delivery. In the absence of good supplier relations, JIT increased the risk of inventory shortage...

Questions:

4.JIT production system does not produce any wastage. Comment.

How to analyse a company by this ratio? Or what can these ratios tell us?

Quick Ratio

COLLAPSE As we see in Chapter 13, Financial Statement Analysis, we are now making the transition from accounting concepts to finance concepts and the tools available to us to compare the results of a company to another that are produced in accounting. What is the purpose of performing a horizontal and vertical analysis? What are the other names for these types of analyses? Lastly, pick one or two ratios that were discussed in the chapter, describe what it intends to measure, is a higher number better or worse as a result, and how is the ratio calculated.

Give the differences in facilitation group sessions from facilitating individual counseling sessions. How do the skills of the leader differ? Be thorough in your discussion of the differences, making sure to cover every aspect of the differences in the leader's skills in facilitating groups and facilitating individual sessions. Be sure to use correct paragraphing and APA for documenting.

Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the available 2018 rates were used for FUTA and SUTA.

Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers.

Example 5-8

1. The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of:

   FUTA $215,600 × 0.006	=	$1,293.60
   SUTA $255,700 × 0.056	=	14,319.20
   Total taxes		$15,612.80

2. Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee’s earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week’s pay. The unemployment taxes that the company must pay for this week’s pay would be $48.
   
   FUTA tax (both over $7,000) = $0.00
   SUTA tax ($1,000 × 0.048) = $48.00
   ($500 of each employee’s pay is under the state taxable limit of $12,000)

In September 2019, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid each employee.

An analysis of the company's payroll for the year shows total wages paid of $171,180. The salaries of the president and the vice president of the company were $20,100 and $15,800, respectively, for the four-month period, but there were no other employees who received wages in excess of $7,000 for the four months. Included in the total wages were $880 paid to a director who only attended director meetings during the year, $6,010 paid to the factory superintendent, and $2,030 in employee contributions to a cafeteria plan made on a pretax basis-for both federal and state.

In addition to the total wages of $171,180, a payment of $2,570 was made to Andersen Accounting Company for an audit it performed on the company's books in December 2019. Compute the following; round your answers to the nearest cent.

Find a common (i.e., a shared resource) that is tragic (i.e., is inevitably degraded) in your own life. It may be something that you observe in your town, school, or home, but it must have the elements of a "Tragedy of the Commons."

Share your story by considering the following questions:

Explain who shares this resource.

Why do they share it?

Explain how these people use the resource for their own individual gain.

Show how the result is the depletion of the resource.

What ideas do you have to improving the situation and enabling long-term sustainability of the resource?

Who would it take to implement such changes? What challenges would those people face and how could they be helped?

In order to decide upon who is going to pay for a shared lunch, two individuals named A and B engage in the following game: they have a regular deck of 52 cards. A first picks one card and B picks one card. If one card has a higher value than the other, the individual who picked the lowest value pays. The values are ranked A,2,3,4,5,6,7,8,9,10,Kn,Q,K... If the values are equal, they split the bill equally... Is this procedure fair? Define what you mean with fair and motivate your answer to the question with an appropriate calculation. hint: Calculate the probability that they split the bill. Then calculate the probability that A will pay the bill and also the probability that B will pay the bill.

The University of

BostonBoston

Press is wholly owned by the university. It performs the bulk of its work for other university​ departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses normal costing to cost each job. Its​ job-costing system has two​ direct-cost categories​ (direct materials and direct manufacturing​ labor) and one​ indirect-cost pool​ (manufacturing overhead, allocated on the basis of direct manufacturing labor​ costs). The following data​ (in thousands) pertain to 2017:

Direct materials and supplies purchased on credit $840

Direct materials used 740

Indirect materials issued to various production departments 140

Direct manufacturing labor 1,350

Indirect manufacturing labor incurred by various production departments 950

Depreciation on building and manufacturing equipment 440

Miscellaneous manufacturing overhead* incurred by various production departments

(ordinarily would be detailed as repairs, photocopying, utilities, etc.) 540

Manufacturing overhead allocated at 170% of direct manufacturing labor costs ?

Cost of goods manufactured 4,130

Revenues 8,900

Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead) 4,050

Inventories, December 31, 2016 (not 2017):

Materials Control 160

Work-in-Process Control 60

Finished Goods Control 530

*The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead.