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 Days Receiving materials Inspecting materials Storing materials Moving materials into production Setting-up production equipment Cutting materials Assembling materials Painting finished products Packaging finished products a What steps are needed to determine the value-adding production activities? b What is the total cycle time in days? C What is the manufacturing efficiency ratio %? d Discuss the activities that might be reduced or eliminated to implement an efficient JIT system