ring P24-27A High Range produces fleece jackets. The company uses JIT costing for its JIT production s High Range has two inventory accounts: Raw and In-Process Inven- tory and Finished Goods Inventory. On February 1, 2009, the account balances were Raw and In-Process Inventory, $6,000; Finished Goods laventory, $1,000. continued... The standard cost of a jacket is $40-$15 direct materials plus $25 conversion costs. Data for February's activity follow Number of jackets completed Number of jackers sold 18,000 Direct materials purchased$265,000 17,600 Conversion costs incurred551,000 Requirements 1. What are the major features of a JIT production system such as 2. Prepare summary journal entries for February. Under- or over 3. Use a Taccount to determine the February 28, 2009, balance of that of High Range? (pp. 1217-1221) allocated conversion costs are closed to Cost of Goods Sold monthly. (pp. 1219, 1220) Raw and In-Process Inventory. (p. 1220)