High Point produces fleece jackets. The company uses JIT costing for its JIT production system. High Point has two inventory accounts Raw and In-Proces Goods Inventory. On March 1, the account balances were Raw and In-Process Inventory. $14,000, Finished Goods Inventory, $1,900. The standard cost of of $10 direct materials plus $27 conversion costs. Data for March's activities follow (Click the icon to view the data.) Data table Number of jackets completed Number of jackets sold (on account, for $60 each) Direct materials purchased (on account) Conversion costs incurred 21,000 20,600 $ 200.000 $ 672,000 Requirements 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 1. What are the major features of a JIT production system such as that of High Point? 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 Mar 2024 Accounts Journalize the actual conversion costs incurred Date Mar 2024 Debit Credit Accounts Debit Credit ar. 2024 Dumalize the sales on account. (Do not record the costs related to the March sales. We will do this in the following s Date Mar. 2024 Journalize the cost of sales for March. Date Mar 2024 Accounts Debit Credit Accounts Debit Credit Requirement 3. Use a T-account to determine the March 31, 2024, balance of Raw and In-Process Enter the beginning balance "Bal." on the first line of the T-account. Use the appropriate posting refe enter the ending balance "Bal." of the T-account. Raw and In-Process Inventory