Recording manufacturing costs for a JIT costing system High Point produces fleece jackets. The company uses JIT costing for its JIT production system. High Point has two inventory accounts: Raw and in- process inventory and Finished goods inventory. On February 1, 2021, the account balances were Raw and in-process inventory, $13,000; Finished goods inventory, $2,000. The standard cost of a jacket is $45, comprised of $18 direct materials plus $27 conversion costs. Data for February's activities follow: Number of jackets completed 16,000 Direct materials purchased $ 283,000 Number of jackets sold 15,600 Conversion costs incurred $ 533,000 Requirements: 1. What are the major features of a JIT production system such as that of High Point? 2. Prepare summary journal entries for February. Under- or overallocated conversion costs are closed to Cost of goods sold monthly. 3. Use a T-account to determine the February 28, 2021, balance of Raw and in-process inventory