Cole Chemical nas spent $243,000 to refine 72.000 galons of acelone, which can be sold for $2.30 a polion. Aftematively, Cole Chemicel can process the mcemone further. This processing wil yimis a total of 60,000 galions of laceuer thinner that can be sold for \$3. 30 a galon. The additional processing will cost 50.45 per gallon of lasquer thinner. To sel the lacquer thinner, Cole Chemical muat pay shippieg of $0.18 a gation and administrative expenses of $0.15 a gation on the thinter. Requirements 1. Identify the sunk cost. is the sunk cost relevant is Cole's decision? Why or why nom? 2 Should Cole sell the acolone as is or process it into lecquer thinner? show the expectad net revenue diflerence between the two alkernatives