Read the following statements thoroughly and identify whether they are true and false.

Choose the correct option.

I. Bile is produced and stored in the liver and gall bladder, respectively.

II. Commonbile duct is formed by the fusion of all the right and left hepatic ducts and cystic ducts.

III. Hepatopancreatic duct opens into the ileum, posterior part of the small intestine.

IV. Pancreas consists of two parts, i.e. exocrine and endocrine, which secrete insulin and glucagon hormone and pancreatic juices containing enzymes, respectively.

V. Pepsinogen, a secretion of chief cells is activated by hydrochloric acid.

VI. Peptides are converted into dipeptides by the action of carboxypeptidase.