Polar Vortec produces fleece jackets. The company uses JIT costing for Zs JiT production system. Polar Vortec has two imventory accounts. Raw and in.Process inventory and Finished Goodt plus $29 conversion eosts. Data for March's activitios follow: (Cick the icon lo vew the data) Read the requitements. Data table Requirement 1. What aro the major lostures of a IIT production system such as that of Polar Vortoc? Requirement 2. Prepare wurmary joumul entres for March. Underalocmed or overalocated convenic explarabons from joumal entries.) Journalize Ene purchase of raw materais. Journalize the actual conversion costs incurred. Joumalize the completed production. Journalize the sales on account. (Do not record the costs related to the March sales. We will do this in the following step. Journalize the cost of sales for March. Journalize the entry to adjust the Conversion Costs account. Polar Vortec produces fleece jackets. The company uses JiT costing for its JiT production system. Polar Vorlec has two inventory accounts: Raw and in-Process inventory and Finiahed Goods Inventory. On March 1, the account balsnces were Faw and in-Process inventory, \$8,000; Finished Goods inventory, $2,200. The standard cost of a jacket is $45, composed of $16 direct materials plus $29 conversion costs. Data for March's activities follow: (Click the icon lo view the data) Read the requirements. Joumalize the entry to adjust the Conversion Costs account. Requirement 3. Use a T-eccount 10 dotermine the Mach 31, 2024, balance of Raw and in-Process Inventory. balance "Bal" of the T-acoount. Requiremeluts 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