Cu 1: What factors could Mr.

McClintock consider in deciding whether or not to adopt the level production

Tr li:
C 3 nhn t:
1. Nhu cu ti chnh theo mc sn xut
- p lc t cc i th cnh tranh:
- Phng php lp k hoch sn xut ca cng ty c nhiu vn :
Do ngnh sn xut chi c tnh ma v cao: 80% Doanh s bn hng tp trung t thng 8 n
p ng lng hng ha bn ra, lc lng lao ng phi m rng bng cch lm thm gi v
+ Ph bo him lm thm gi lm gim li nhun ca cng ty.
+ S m rng v co li ca lc lng lao ng gy kh khn cho vic tuyn dng, o to v tng ch
+ My mc, thit b th nhn ri trong 7,5 thng u nm nhng sau li hot ng qu ti vo nh
tng k hoch sn xut sau thi k nhn ri, my mc phi thay i quy trnh thit lp thng xuy
iu ny lm gim hiu qu trong lp rp v ng gi sn phm v ngi lao ng gp kh khn tro
2. ng McClintock c m bo rng ngn hng s sn sng m rng hn mc tn dng ln
S tin ny s p ng cho nhu cu ti chnh ca cng ty nu thc hin xut mi
3.Cc ri ro lin quan khi thc hin cc k hoch
+Nhiu i th cnh tranh trong v ngoi nc: v c th ngnh l khng cn vn ln v cng ngh
+ Gi c phi cnh tranh th mi tn ti c
+D b nh cp mu v sao chp sn phm.
+ Phi to ra xu hng mi, to s khc bit th mi pht trin v trnh khi nguy c b o thi khi

to adopt the level production plan?

hng tp trung t thng 8 n thng 11.

g bng cch lm thm gi v thit b my mc th c s dng 16 gi/ngy. Dn n hu qu:

uyn dng, o to v tng chi ph kim sot cht lng sn phm.

li hot ng qu ti vo nhng thng cn li ca nm.
quy trnh thit lp thng xuyn.
i lao ng gp kh khn trong vic kim sot hot ng ca h( phi tn thi gian hc li cng vic ca h).
m rng hn mc tn dng ln n $ 2,0 triu vo nm 1994.
c hin xut mi

ng cn vn ln v cng ngh n gin, c bit cc i th ngoi nc vi chi ph nhn cng thp.

khi nguy c b o thi khi nghnh.

c li cng vic ca h).

Cu 2
What savings would be involved?
Nhng chi ph cng ty tit kim c sau khi d n xut c thc hin

Ph lm thm gi
Tit kim khc t lao ng trc tip
Tit kim rng trc cc chi ph ti chnh, chi ph vn
chuyn, mt mt hng tn kho v cc khon thu
Tng chi ph li vay
Gim thu nhp t th trng chng khon
Tng chi ph lu tr
Tit kim rng trc thu
Thu 34%
Tit kim rng

GI TR
($'000)
225
265
490
105
17
115
253
86.02
166.98

Vi nhng l do a ra cu 1, ng Hoffman thc gic ng McClintock p dng mt chnh sch sn xut hng
thng theo tng mc vo nm 1994. ng ch ra rng cc c tnh v khi lng bn hng trong mt nm
c chng minh l ng tin cy trong qu kh. iu kin mua hng s khng b nh hng bi thay i lch mua
hng. V vy thay v vic sn xut ch tp trung vo ma cao im th cng ty s phn b sn xut u ra theo tng
thng trong nm.Vi xut thay i mc sn xut ny ca Hoffman s gip gim bt chi ph tuyn dng, o to
cng nh qun l ngi lao ng. Hn na, vi xut mi ny, vo ma cao im, cng ty c mt s lng
hang lu tr trong kho nn s tit kim c chi ph lng cho ngi lao ng lm thm gi, c tnh khong $
225,000 trong nm 1994.Hn na, ng Hoffman tin chc rng vi xut ny, khon tit kim lao ng trc tip
c b sung ng k, ln ti khong 265.000 $, s l kt qu ca vic sn xut c trt t. Nhng mt phn ca cc
khon tit kim s phi b p cho chi ph lu tr v x l, c tnh khong $ 115,000 mi nm.
ng McClintock suy on v tc ng m mc sn xut c th c trn cc nhu cu vn ca cng ty vo nm 1994.
ng cho rng ngoi tr li nhun v bin ng cc cp ca hng tn kho, cc khon phi thu v khon phi tr,
qu lung vo v lung ra s c khong cn bng . n gin ha vn , ng McClintock quyt nh cho rng t l
phn trm li nhun s khng thay i ng k theo thng theo mt trong hai phng php sn xut. l, gi vn
hng bn s l 70% doanh thu trong mi 12 thng trong sn xut theo ma v s l 65,1% doanh thu trong mi 12
thng di mc sn xut. S gia tng lu tr v x l chi ph $ 115,000 s c a vo trong chi ph hot ng

Cu 4

ch sn xut hng
g mt nm
hay i lch mua
u ra theo tng
n dng, o to
mt s lng
tnh khong $
ng trc tip
mt phn ca cc

y vo nm 1994.
v khon phi tr,
nh cho rng t l
ut. l, gi vn
hu trong mi 12
ph hot ng

Khi thc hin k hoch sn xut mi:

u im:
- Nu nhng c lng trn l ng, NI s tng khong 48 % l $5.2mln
- Cng ty khng phi mt them chi ph u t vo ti sn c nh. Do nm trc cng ty sn xut theo
ma v cho nn u t my mc vi cng sut ti a nhm phc v cho sn xut vo nhng thng cao
im.V th nhng my mc, thit b y s p ng c cho n sn xut theo mc ny m khng phi
u t thm.
Hn ch:
-Cng ty cn mc vay ngn hng chi tr cho cc khon tin hot ng cao hn $2mln m ngn hng
gii hn. V th cng ty cn m phn li mc cho vay ca ngn hng
- Nu doanh thu d tnh ca cng ty l khng chnh xc, s dn n lng hng tn kho cui nm tng ln,
do nhu cu khch hng l theo ma v v khng c nh, cha k ngnh ny c nhiu ri ro nh cu 1
trnh by nh hng n lng cu hng ho. Nu trong nm thc hin n mc sn xut m lng cu
hang ha ti lc cao im gim xung th lm cho cng ty khng bn ht c lng hng sn xut
trong kho, lm cho hng tn kho tng ln, t lm gim doanh thu ca cng ty. Theo gc ca ngn
hng th iu ny lm tng mc ri ro rt ln. Chnh v vy cng ty s gp kh khn trong vic thuyt
phc ngn hng tng thm khon vay.

cng ty sn xut theo

xut vo nhng thng cao
o mc ny m khng phi

n $2mln m ngn hng

n kho cui nm tng ln,

nhiu ri ro nh cu 1
c sn xut m lng cu
ng hng sn xut
. Theo gc ca ngn
khn trong vic thuyt

Cu 3

Toy World, Inc.

Pro Forma Balance Sheets Under Level Production, 1994 (thousand of dollars)
Cash
Accounts receivable
Inventory
Current assets
Net plant and equipment
Total assets
Accounts payable
Notes payable, bank
Accrued taxes
Long-term debt, current portion
Current liabilities
Long-term debt
Shareholder'equity
Total liabilities and equity

Jan
620.11
1,060.00
1,050.38
2,730.49
1,176.00
3,906.49
250.00
27.99
50.00
327.99
400.00
3,178.50
3,906.49

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Feb
805.78
260.00
1,501.74
2,567.52
1,176.00
3,743.52
250.00
(27.42)
50.00
272.58
400.00
3,070.94
3,743.52

$
$
$
$
$
$
$
$
$
$
$
$
$
$

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Mar
200.00
300.00
1,940.08
2,440.08
1,176.00
3,616.08
250.00
116.14
(168.32)
50.00
247.82
400.00
2,968.26
3,616.08

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Apr
200.00
300.00
2,391.44
2,891.44
1,176.00
4,067.44
250.00
767.26
(259.34)
50.00
807.92
400.00
2,859.52
4,067.44

Toy World, Inc

Pro
Forma Income Statement Under Level Production,1994 (thousand of dollars)

Net Sales
Cost of good sold
Gross profit
Operating expenses
Interest expense
Interest income
Profit (loss) before taxes
Income Taxes
Net Profit

Jan.
$120.00
$78.12
$41.88
$209.58
$9.25
$0.44
($176.51)
($60.01)
($116.50)

Feb.
$140.00
$91.14
$48.86
$209.58
$3.61
$1.36
($162.97)
($55.41)
($107.56)

Mar.
$160.00
$104.16
$55.84
$209.58
$3.61
$1.77
($155.58)
($52.90)
($102.68)

Apr.
$140.00
$91.14
$48.86
$209.58
$4.48
$0.44
($164.76)
($56.02)
($108.74)

Toy World, Inc.

Cash Budget Under Level Productions, 1994 (thousands of dollars)
Jan.

Fed.

Mar.

Apr.

Inflows
Collections
After-tax interest income
Total

$1,965.00
$0.44
$1,965.44

$940.00
$1.36
$941.36

$120.00
$1.77
$121.77

$140.00
$0.44
$140.44

Outflows
Payments of accounts payable
Tax payments
Repayment of long-term dept
Operating Expenses
Interest Expense
Wages
Total
Net inflow (outflow)
Beginning Cash
Ending cash before any loan increase
or repayment
Loan availment
Loan repayment
End-of-month cash balance
Min cash balance
Loan balance, beg.
Availment (Repayment)
Loan balance, end
Long-term dept
Balance, beg.
Repayment
Balance, end.
Interest Expense
on long-term dept
on notes payable

Interest Income

9.625 %
9%

4%

$282.00
$0.00
$0.00
$209.58
$9.25
$292.50
$793.33
$1,172.11
$200.00
$1,372.11
$0.00
$752.00
$620.11

$250.00
$0.00
$0.00
$209.58
$3.61
$292.50
$755.69
$185.67
$620.11
$805.78
$0.00
$0.00
$805.78

$250.00
$88.00
$0.00
$209.58
$3.61
$292.50
$843.69
-$721.92
$805.78
$83.86
$116.14
$0.00
$200.00

$250.00
$35.00
$0.00
$209.58
$4.48
$292.50
$791.56
-$651.12
$200.00
-$451.12
$651.12
$0.00
$200.00

$200.00
$752.00
$752.00
$0.00

$0.00
$0.00
$0.00

$0.00
-$116.14
$116.14

$116.14
-$651.12
$767.26

$450.00
$0.00
$450.00

$450.00
$0.00
$450.00

$450.00
$0.00
$450.00

$450.00
$0.00
$450.00

$3.61
$5.64
$9.25

$3.61
$0.00
$3.61

$3.61
$0.00
$3.61

$3.61
$0.87
$4.48

$
$
$
$
$
$
$
$
$
$
$
$
$
$

May
200.00
280.00
2,842.80
3,322.80
1,176.00
4,498.80
250.00
1,368.27
(317.02)
50.00
1,351.25
400.00
2,747.55
4,498.80

May
$140.00
$91.14
$48.86
$209.58
$9.36
$0.44
($169.65)
($57.68)
($111.97)

May

$
$
$
$
$
$
$
$
$
$
$
$
$
$

June
200.00
280.00
3,294.16
3,774.16
1,176.00
4,950.16
250.00
2,053.79
(411.23)
50.00
1,942.56
375.00
2,632.61
4,950.16

June
$140.00
$91.14
$48.86
$209.58
$13.87
$0.44
($174.15)
($59.21)
($114.94)

June

$160.00
$0.44
$160.44

July
200.00
300.00
3,732.50
4,232.50
1,176.00
5,408.50
250.00
2,684.08
(469.70)
50.00
2,514.38
375.00
2,519.12
5,408.50

$
$
$
$
$
$
$
$
$
$
$
$
$
$

July
$160.00
$104.16
$55.84
$209.58
$18.65
$0.44
($171.95)
($58.46)
($113.49)

July

$140.00
$0.44
$140.44

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Aug
200.00
1,780.00
3,220.38
5,200.38
1,176.00
6,376.38
250.00
3,319.10
(356.52)
50.00
3,262.58
375.00
2,738.80
6,376.38

Aug.
$1,620.00
$1,054.62
$565.38
$209.58
$23.38
$0.44
$332.86
$113.17
$219.69

Aug.

$140.00
$0.44
$140.44

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Sept
200.00
3,460.00
2,565.04
6,225.04
1,176.00
7,401.04
250.00
3,973.88
(253.87)
50.00
4,020.01
375.00
3,006.02
7,401.04

Sept.
$1,840.00
$1,197.84
$642.16
$209.58
$28.14
$0.44
$404.88
$137.66
$267.22

Sept.

$140.00
$0.44
$140.44

Oct
200.00
3,980.00
1,714.40
5,894.40
1,176.00
7,070.40
250.00
3,138.58
(82.28)
50.00
3,356.30
375.00
3,339.10
7,070.40

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Oct.
$2,140.00
$1,393.14
$746.86
$209.58
$33.05
$0.44
$504.67
$171.59
$333.08

Oct.

$160.00
$0.44
$160.44

Nov
200.00
4,425.00
769.37
5,394.37
1,176.00
6,570.37
250.00
2,077.01
108.64
50.00
2,485.65
375.00
3,709.72
6,570.37

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Nov.
$2,285.00
$1,487.54
$797.47
$209.58
$26.79
$0.44
$561.54
$190.92
$370.62

Nov.

$1,620.00
$0.44
$1,620.44

$1,840.00
$0.44
$1,840.44

$250.00
$0.00
$0.00
$209.58
$9.36
$292.50
$761.45
-$601.01
$200.00
-$401.01
$601.01
$0.00
$200.00

$250.00
$35.00
$3.34
$209.58
$13.87
$292.50
$804.30
-$663.86
$200.00
-$463.86
$663.86
$0.00
$200.00

$250.00
$0.00
$0.00
$209.58
$18.65
$292.50
$770.73
-$630.29
$200.00
-$430.29
$630.29
$0.00
$200.00

$250.00
$0.00
$0.00
$209.58
$23.38
$292.50
$775.46
-$635.02
$200.00
-$435.02
$635.02
$0.00
$200.00

$250.00
$35.00
$0.00
$209.58
$28.14
$292.50
$815.22
-$654.78
$200.00
-$454.78
$654.78
$0.00
$200.00

$250.00
$0.00
$0.00
$209.58
$33.05
$292.50
$785.13
$835.31
$200.00
$1,035.31
$0.00
$835.34
$200.00

$250.00
$0.00
$0.00
$209.58
$26.79
$292.50
$778.87
$1,061.57
$200.00
$1,261.57
$0.00
$1,061.57
$200.00

$767.26
-$601.01
$1,368.27

$1,368.27
-$663.86
$2,032.13

$2,032.13
-$630.29
$2,662.42

$2,662.42
-$635.02
$3,297.44

$3,297.44
-$654.78
$3,952.23

$3,952.23
$835.31
$3,116.92

$3,116.92
$1,061.57
$2,055.35

$450.00
$0.00
$450.00

$450.00
$25.00
$425.00

$425.00
$0.00
$425.00

$425.00
$0.00
$425.00

$425.00
$0.00
$425.00

$425.00
$0.00
$425.00

$425.00
$0.00
$425.00

$3.61
$5.75
$9.36

$3.61
$10.26
$13.87

$3.41
$15.24
$18.65

$3.41
$19.97
$23.38

$3.41
$24.73
$28.14

$3.41
$29.64
$33.05

$3.41
$23.38
$26.79

Dec
200.00
3,400.00
586.00
4,186.00
1,176.00
5,362.00
250.00
767.47
128.44
50.00
1,195.91
350.00
3,816.09
5,362.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$

Dec.
$1,115.00
$725.87
$389.14
$209.58
$18.82
$0.44
$161.17
$54.80
$106.37

Dec.

Notes:
Accounts receivable - Sales of the last two months
Net plant and equipment - Equal to depreciation expense
Accounts payable - 30% of sales ($3,000,000/12) = $250,000 per
month
Notes payable - Balancing figure
Long-term debt (current portion) - $50
Long-term debt - $400 as of December 1993, with $25 being paid off
every June and December
Shareholders' equity - Beginning equity + net income (loss) per
month

Total
$10,000.00
$6,510.00
$3,490.00
$2,514.96
$193.01
$7.53
$789.55
$268.45
$521.10

Total

$2,140.00
$0.44
$2,140.44

$6,889.26
$8.00
$6,897.26

NOTES:
Net Sales = Estimated 1994 net sales per month
COGS=65.1% of net sales per month
Operating expenses=$200*12=$2,400 mi nm trong
ma Income Taxes= 34% Profit (loss) before taxes

$250.00
$35.00
$4.55
$209.58
$18.82
$292.50
$810.45
$1,329.99
$200.00
$1,529.99
$0.00
$1,329.99
$200.00
$200.00
$2,055.35
$1,329.99
$725.36
$420.00
$25.00
$400.00
$3.41
$15.42
$18.82

Cu 4
Compare the liabilities patterns feasible under the alternative production plans. What implications do their differences have
for the risk assumed by the various parties?

Notes payable, bank 1994

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Interest expenses

Pro-Forma under
Seasonal Production

Pro-forma under level

Production

Pro-Forma under
Seasonal Production

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$433.00
$1,741.00
$1,745.00
$1,677.00
$942.00

$0.00
$0.00
$116.14
$767.26
$1,368.27
$2,053.79
$2,684.08
$3,319.10
$3,973.88
$3,138.58
$2,077.01
$767.47

$4.00
$4.00
$4.00
$4.00
$4.00
$4.00
$3.00
$5.00
$12.00
$17.00
$17.00
$14.00
$95.00

K hoch mi c kh nhiu ri ro, yu t u tin gy nn s ri ro c th k n l doanh thu d tnh.

Kt qu doanh thu ca cng ty ph thuc vo nhiu yu t, trong c nhng ri ro nh nu cu 1. K hoch
s dng phng php sn xut theo ma v (tu vo n t hng ti cc thi im trong nm)
khng phi lo lng nhiu v hng tn kho; th vi k hoch thay sn xut quanh nm vi mc bnh qun d bo, s
nhng thi gian cao im na, cc thng c lng cu t vn s sn xut vi 1 mc bnh qun => tn kho dng cho
cao im.
Nh ni, cng nghip chi l 1 ngnh y tnh ri ro, gi s n thi im ng l lng
sn phm ca cng ty b sao chp, hoc gi c qu cao so vi tnh hnh kinh t,... dn n lng
gim => hng tn kho tng => chi ph lu tr v bo qun hng tn kho tng. V iu ny s rt nguy him, nh h
thnh bi ca cng ty nu nh hng tn kho khng c gii quyt.
Qua bng cn i k ton 1994 ca k hoch ny ta cng thy c iu , cc khon n ngn hng t
(thng 12) mi gim xung. iu g s xy ra nu n thng 12 cc khon n ny khng th gim xung?
V liu nhng chi ph tit kim c t nhn cng c b p nu ri ro xy ra khng?

ations do their differences have

Interest expenses
Pro-forma under level
Production
$9.25
$3.61
$3.61
$4.48
$9.36
$13.87
$18.65
$23.38
$28.14
$33.05
$26.79
$18.82
$193.01

l doanh thu d tnh.

nu cu 1. K hoch ny thay v
m) - vi k hoch ny th cng ty
m vi mc bnh qun d bo, s khng c
c bnh qun => tn kho dng cho nhng thng
ng cu phi tng cao nh d tnh,
ng cu khng nh d tnh => st
iu ny s rt nguy him, nh hng ti s

khon n ngn hng tng cao n cui nm

khng th gim xung?
ra khng?