askin$-$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 $$12,400$ Sales revenue $$63,300$

Inventory $($July $1,2024)1,650$ Interest income $2,000$

Sales returns $1,100$ Cost of goods sold $28,050$

Utilities expense $2,950$ Rent expense $5,400$

Income tax expense $4,700$ Interest expense $400$

Inventory $($July $31,2024)1,100$

Required:

$1.$ 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.