Low Point produces fleece jackets. The company uses JIT costing for its JIT production system. Low Point 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, $8,000, Finished Goods Inventory, $1,900. The standard cost of a jacket Is $34, composed of $14 direct materials plus $20 conversion costs. Data for March's activities follow (Click the icon to view the data) Read the requirements. Data table Number of jackets completed Number of jackets sold (on account, for $45 each) Direct materials purchased (on account) Conversion costs incurred 21.000 20,600 $ 291,500 $ 521,000 Requirements 1. What are the major features of a JIT production system such as that of Low 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