Using the weighted average method, calculate the amount assigned to the inventory on hand on January 31. (Show computations)

ULC Solutions For the Year Ended December 31, 2019 Adjusted Trial Balance Statement Cash 52,950 Accounts Receivable 91.080 Inventory 62.150 Office Supplies 480 Prepaid Insurance 2.650 Land 20,000 Store Equipment 27,100 Accumulated Depreciation, Store Equipment 5700 Office Equipment 15,570 Accumulated Depreciation, Office Equipment 4.720 Accounts Payable 22,420 Salaries Payable 1.140 Unearned Rent 1.800 Notes Payable (final payment due 2029) 25,000 Capital 153.800 Drawing 18,000 Sales 720,185 Sales Returns and Allowances 6,140 Sales Discounts 5.790 Cost of Goods Sold 5253051 Sales Salaries Expense 56230 Advertising Expense 10,860 Depreciation Exp-Store Equipment 3.100 Miscellaneous Selling Expense 630 Office Salaries Expense 21.020 Rent Expense 8,100 Depreciation Exp Office Equipment 24901 Insurance Expense 1,910 Office Supplies Expense 610 Misc. Administrative Expense 760 Rent Revenue 600 Interest Expense 24401 Total BD935365 BD935365 Instructions: 1. Prepare the single-step income statement for the year. 2. Prepare the multiple-step income statement for the year. 3. Explain the differences between the single-step and multiple-step income statements