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 debit first, then credits. Exclude explanations from journal entries.) Joumalize the purchase of raw materials. Date Mar. 2018 Accounts Debit Credit Journalize the actual conversion costs incurred. Date Mar. 2018 Journalize the completed production. Date Mar. 2018 Accounts Debit Credit Accounts Debit Credit will do this in the following step.) THE COMbany 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.ofa jacket is 543 composed of 510 direct materials $37.comaction.cogs Data for March's activities follow Data table - X Number of jackets completed 16.000 Number of jackets sold (on account, for $60 each) 15.600 Direct materials purchased (on account) Conversion costs incurred $ 248,500 $532,000 Debit Credit Print Done 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 Journalize the cost of sales for March Date Mar. 2018 Accounts Debit Credit Debit Credit Accounts Journalize the entry to adjust the Conversion Costs account Date Mar. 2018 Accounts 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