polar vortec produces fleece jackets, the company uses JIT costing for its JIT production system. Polar vortec 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, $10,000; Finished goods inventory, $1,900. the standard cost of a jacket is $41 composed of $18 direct materials plus $23 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 Polar Vortec? Requirement 2. Prepare summary joumal entries for March. Underallocated or overallocated conversion costs are closed to Journalize the purchase of raw materials. Joumaize the actual conversion costs incurred: Data table Requirements 1. What are the major features of a JIT production system such as that of Polar Vortec? 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