Homework: Chp M4: Homework Save Score: 0 of 30 pts 3 of 4 (1 complete) HW Score: 1.58%, 1.58 of 100 pts PM4-36A (similar to) Question Help O Bundle Up produces fleece jackets. The company uses JIT costing for its JIT production system. Bundle Up 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 $12,000; Finished Goods Inventory, S1,900. The standard cost of a jacket is $35, composed of $11 direct materials plus $24 conversion costs. Data for March's activities follow: (Click the loon to view the data.) Read the requirements. Requirement 1. What are the major features of a JIT production system such as that of Bundle Up? Data Table 7 19,000 18,600 Number of Jackets completed Number of jackets sold (on account, for $65 each) Direct materials purchased (on account) Conversion costs incurred $ 201,500 $ 561,000 Print Done Requirements 1. What are the major features of a JIT production system such as that of Bundle Up? 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 ? Clear All Check Answer Print