Question 4 Halifax Inc. is a wholesale company selling special parts for the automotive industry. The company uses weighted-average and a perpetual inventory system. Its inventory records for part SA- 123 show the following transactions for the month of May 2020: Date Transaction Units Unit Units Unit Purchased Cost Sold Selling Pricel May 1 Balance 120 $7.00 May 10 Purchase 500 $7.20 May 15 Sale (100) $12.40 May 21 Sale (150) $12.50 May 23 Purchase 250$7.30 Required: 1. Assuming Halifax makes all sales and purchases of inventory on account, prepare the journal entries for each of the above listed transactions. 2. Why would the cost of goods sold and ending inventory be the same amount under FIFO perpetual system and FIFO periodic system? Be brief