entrenion costs Data for Marchie activites follow. Read the troutsments Jownalue the actuar converion costs incurred. explanations from joumal antres.) Journalive the purchase of ruw materais Josumalize the actual comversion costs incurred. High Point produces fleece jackets. The company uses JIT costing for its JIT production system. High Point has fwo inventory accounts: Raw and in-Procese On March 1, the account balances were Raw and In-Process Inventory, $8,000; Finished Goods Inventory, $1,900. The standard cost of a jacket is $30, com conversion costs. Data for March's activities follow; (Click the icon to view the data.) Read the tequirements. Requirements Requirement 1. What ar 1. What are the major features of a JIT production system such as that of High 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. Requirement 2. Prepare explanations from jouma Joumalize the purchase Journalize the actual conversion costs incurred