6-7A (Algo) Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) Baskin-Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2024. Salaries expense Inventory (July 1, 2024) Sales returns Utilities expense Income tax expense Required: $13,400 Sales revenue $68,300 2,150 Interest income 3,000 1,100 Cost of goods sold 28,550 3,450 Rent expense 5,700 Interest expense 6,400 400 Inventory (July 31, 2024) 1,100 1. Prepare a multiple-step income statement for the month ended July 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of July. 2-b. Would you expect this ratio to be higher or lower in December 2024? 3. Calculate the gross profit ratio for the month of July. Complete this question by entering your answers in the tabs below. Required 1 Required 2a Required 2b Required 3 Prepare a multiple-step income statement for the month ended July 31, 2024. BASKIN-ROBBINS Multiple-Step Income Statement For the Month of July 2024 Net sales: Total sales revenue Net sales revenue Operating expenses: Inventory Turnover Ratio Numerator/Denominator Amounts = 0