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 $2,400. The unit costs were as follows: Date Purchase Quantity Unit Cost Total Cost Beginning inventory 2022 50 $9 $450 Jan 15, 2022 Purchase 150 $13 $1,950 Total on hand 200 $2,400 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 Bruce Company and Janet Company are merchandising companies. During the current year, Bruce Company earned a gross profit of $525,000, whereas Janet Company earned a gross profit of only $420,000. Both companies had sales of $2,350,000. Does this mean that Bruce Company is more profitable than Janet Company? Explain