High Range produces fleece jackets. The company uses JIT costing for its JIT production system. High Range 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, $6,000; Finished Goods Inventory, $2,500. The standard cost of a jacket is $34, composed of $14 direct materials plus $20 cnversion costs. Data for March's activities follow. (Click the icon to view the data.) Read the requirements. Data table nished Goods Inventory. On March 1, the account balances were Raw and In-Process Irventory, $6,000; Finished Goods Inventory, $2,500 mposed of $14 direct materials plus $20 cnversion costs. Data for March's activities follow. (Click the icon to view the data.) Requirements 1. What are the major features of a JIT production system such as that of High Range? 2. Prepare summary joumal 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. tion system. High Range has two iss Inventory, \$6,000; Finished Go is follow. (Click the i Read the requil Journalize the Journalize the completed production