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, 2018, the account balances were Raw and In-Process Inventory, $12,000; Finished Goods Inventory, $2,200. The standard cost of a jacket is $38, composed of $15 direct materials plus $23 conversion costs. Data for March's activities follow: BE: (Click the icon to view the data.) Read the requirements. i X Data Table Requirement 1. What are the major features of a JIT production system such as that of Freeze Point? 14,000 13,600 Number of jackets completed Number of jackets sold (on account, for $80 each) Direct materials purchased (on account) Conversion costs incurred $ 200,000 $ 422,000 Print Done 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