High point produces fleece jackets. The company uses JIT costing for its JIT producing system. High point has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On...

High point produces fleece jackets. The company uses JIT costing for its JIT producing system. High point has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On March 1,2018 the account balances were Raw and In-Process Inventory, $13,000; Finished Goods Inventory, $2,100. The standard cost of a jacket is $42, composed of $18 direct materials plus $24 conversion cost.