2. Journal Entries for Perpetual and Periodic Inventory Systems Lime Corporation is a supplier of electronic components used in the manufacture of computers. The company uses the FIFO cost flow method. During the month of September 2020, Lime's inventory records for part LIM-0325, showed the following transactions: (20 marks) DateTransactionUnits UnitUnits Unit PurchasedCostSold Selling Price Sep. 1Balance 900$1.65 Sep. 8Purchase400$1.67 Sep. 17Sale(800)$4.25 I Sep. 23Sale(250)$4.30 Sep. 30Purchase650$1.75 Instructions a. Assuming Lime uses a perpetual inventory system: prepare the journal entries for each of the above listed transactions. Arcumina limene norintie inuentan utam. ynlain Purchased CostSoldSelling Price Sep. 1Balance 900$1.65 Sep. 8Purchase400$1.67 Sep. 17Sale(800)$4.25 Sep. 23Sale(250)$4.30 Sep. 30Purchase650$1.75 Instructions a.Assuming Lime uses a perpetual inventory system; prepare the journal entries for each of the above listed transactions. b.Assuming Lime uses a periodic inventory system; explain how the journal entries as compared to part a. would differ. Be spectic. Do not prepare journal entries. c. What would be the difference in total cost of goods sold between parts a. and b.? Explain your answer (US)