Question 2 (23 marks) X Co. that sells cell phones has the following inventory records for January 2022: Date Activity Quantity Unit Cost Jan 1 Beginning inventory 100 units $ 7 Jan 6 Purchase 60 units $9 Jan 21 Purchase 150 units $9 Jan 27 Purchase 90 units $ 10 Company's accounting records show sales of 300 units for revenue of $6,770 on January 30. Operating expense for January was $1,900. Assume no other sales or expense for the month. Required: a) Compute Cost of Goods Sold on January 31, 2022 using Weighted Average Cost and FIFO methods respectively. (6 marks) b) Prepare the income statement for January using Weighted Average Cost. (7 marks) c) Compute the inventory balance on January 31, 2022 using Weighted Average Cost and FIFO methods respectively. (4 marks) d) X Co. used Weighted Average Cost method last year. The management noticed that relative to FIFO, Weighted Average Cost method reported a higher income and higher assets value last year. The management would like to continue using Weighted Average Cost method this year to report a higher income and higher assets value. What's your opinion? Explain. (6 marks)