$12,000; Finished Goods Inventory, $2,200. The standard cost of a jacket is $41, composed of $14 direct materials plus $27 conversion costs. Data for March's activities follow: 'Click the icon to view the data.) Read the I Requirement 1. What are the major features of a JIT production system such as that of Low Point? Requirements 1. What are the major features of a JIT production system such as that of Low Point? 2. Prepare summary journal entries for March. Underallocated or overallocated conversion costs are adjusted to Cost of Goods Sold monthly. 3. Use a T-account to determine the March 31, 2024, balance of Raw and In-Process Inventory. Data table