Freeze Point produces fleece jackets. The company uses JIT costing for its JIT production system. Freeze Point has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On March 1, the account balances were Raw and In-Process Inventory, $14,000; Finished Goods Inventory, $2,500. The standard cost of a jacket is $39, composed of $10 direct materials plus $29 conversion costs. Data for March's activities follow: (Click the icon to view the data.) Read the requirements. Requirement 1. What are the major features of a JIT production system such as that of Freeze Point?