Deep Freeze produces fleece jackets. The company uses JIT costing for its JIT production system. Deep Freeze has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On March 1, 2018, the account balances were Raw and In-Process Inventory, $12,000; Finished Goods Inventory, $2,400. The standard cost of a jacket is $34, composed of $14 direct materials plus $20 conversion costs. Data for March's activities follow: (Click the icon to view the data.) Read the requirements - X Data Table Requirement 1. What are the major features of a JIT production system such as that of Deep Freeze? 14.000 13,600 Number of jackets completed Number of jackets sold (on account, for $45 each) Direct materials purchased on account) Conversion costs incurred $ 193,500 $ 381,000 ersion costs are closed to C Print Done from journal Credit Broad employee roles Close coordination with suppliers to ensure on-time delivery of defect-free material Large stock of finished goods Long setup times Machines are grouped according to function Production activities arranged in self-contained work cells Products produced in large batches Products produced in small batches Short setup times estion Requirement 2. Prepare summary journal entries for March. Underallocated or overallocated conversion costs are closed to Cost of Goods Sold monthly. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the purchase of raw materials. Date Accounts Debit Credit Mar. 2018 Journalize the actual conversion costs incurred. Date Accounts Debit Credit Mar. 2018 Choose from any list or enter any number in the input fields and then continue to the next question. Journalize the completed production. Accounts Debit Credit Date Mar. 2018 Journalize the sales on account. (Do not record the costs related to the March sales. We will do this in the following step.) Date Accounts Debit Credit Mar. 2018 Journalize the entry to adjust the Conversion Costs account. Date Accounts Debit Credit Mar. 2018 Requirement 3. Use a T-account to determine the March 31, 2018, balance of Raw and In-Process Inventory. Enter the beginning balance "Bal" on the first line of the T-account. Use the appropriate posting references to post the March transactions for the month, and then calculate and enter the ending balance "Bal." of the T-account. Raw and In-Process Inventory Requirement 3. Use a T-account to determine the March 31, 2018, balance of Raw and In-Process Inventory. Enter the beginning balance "Bal" on the first line of the T-account. Use the appropriate posting references to post the March transactions for the month, and then calculate and enter the ending balance "Bal." of the T-account. Raw and In-Process Inventory Choose from any list or enter any number in the input fields and then continue to the next