Parts Thema IT costing for production system. Polar Bear two very account Raw and in Procesory and the Goody on March 1, the account balances were net 312.00: Ted Goods entory 12.500 The cost of a composed of 10 direct while plus 26 conversion cont. Det for activities follow he Head the CH Requirement. What the Juin wym w of Polar . - X Requirements 1. What are the major features of a JIT production system such as that of Polar Bear? 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. Print Done - Data table 20,000 19,600 Number of jackets completed Number of jackets sold (on account, for $45 each) Direct materials purchased (on account) Conversion costs incurred $ 197,500 $ 615,000 Print Done