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, 2018, the account balances were Raw and In-Process Inventory, $8,000; Finished Goods Inventory, $2,300. The standard cost of a jacket is $43, composed of $16 direct materials plus $27 conversion costs. Data for March's activities follow: (Click the icon to view the data.) Read the requirements. Journal Data table - X Credit Da Mar. 2 Number of jackets completed Number of jackets sold (on account, for $60 each) 16,000 15,600 Journal Da Mar. 2 Direct materials purchased (on account) Conversion costs incurred $ 248,500 $532,000 s in the following step.) Credit Journalize the cost of sales for March. Date Mar 2018 Print Done Accounts Journalize the entry to adjust the Conversion Costs account. Date Mar. 2018 Accounts Debit Credit Debit Credit Requirement 3. Use a T-account to determine the March 31, 2018, balance of Raw and In-Process Inventory. Enter the beginning balance "Bal." on the first line of the T-account. Use the appropriate posting references to post the March transactions for the month, and then calculate and enter the ending balance "Bal." of the T-account. Raw and In-Process Inventory 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, 2018, the account balances were Raw and In-Process Inventory, $8,000; Finished Goods Inventory, $2,300. The standard cost of a jacket is $43, composed of $16 direct materials plus $27 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 High Range? 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 joumal entries.) Journalize the purchase of raw materials. Date Mar. 2018 Accounts Journalize the actual conversion costs incurred. Date Mar. 2018 Journalize the completed production. Date Mar. 2018 Debit Credit Accounts Debit Credit Accounts Debit Credit Journalize the sales on account. (Do not record the costs related to the March sales. We will do this in the following step.) Date Mar. 2018 Accounts Debit Credit