4 Required information Problem 6-78 Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) [The following information applies to the questions displayed below) Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021 Sales revenue $71,300 Inventory (Mar. 31, 2021) $1,100 Advertising expense 5,200 Insurance expense 1,700 Rent expense 3,100 Sales discounts 2,400 Gain on sale of building i 6,300 Salaries expense 8,200 Inventory (Mar. 1, 2021) 2,200 Income tax expense 3,000 Cost of goods sold 35,200 Problem 6-7B Part 1 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. Answer is complete but not entirely correct. TOYS"R"US Multiple-step Income Statement For the month of March 2021 Nel sales Total sales revenue $ 71,300 Less Sales discounts (2,400) $ 68,900 Net sales revenue Cost of goods sold Gross profit Operating expenses Advertising expense Rent expense Insurance expense Salanes expense Total Operating income Non-operating fems Gain on sale of building Total Income before income taxes Income tax expense Net income 00 0000 0 5,200 3,100 1,700 6,200 6,300 (35,200) 33,700 18.200 15,500 6,300 50 O