2 (14 marks) Part I (6 marks) Peter Chan Company uses a perpetual inventory system. On January 22, 2022, the company had 200 units of a particular product on hand, with a total cost of $3,200. The unit costs were as follows: Date Purchase Unit Cost Total Cost Quantity Beginning inventory 2022 50 $10 $500 Jan 15, 2022 Purchase 150 $18 $2,700 Total on hand 200 $3,200 On January 24, 2022, Peter Chan sold 60 units of this product. Required: (Show all calculations and round ALL answers to 2 decimal places.) Compute (a) the cost of goods sold and (b) the cost of the ending inventory of this product after the sale transaction on January 24, 2022, using the following assumptions: (i) Weighted Average Cost method and (ii) First-In-First-Out method. Part II (8 marks) Both Cindy Company and Tina Company are merchandising companies. During the current year, Cindy Company earned a gross profit of $525,000, whereas Tina Company earned a gross profit of only $420,000. Both companies had sales of $2,350,000. Does this mean that Cindy Company is more profitable than Tina Company? Explain