Assume Party Store has the following account balances for the month of March 2021, and that the company uses a perpetual inventory system Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) $75,800 5,200 Cost of goods sold $38,500 Inventory (Mar. 31, 2021) 1,800 3,300 Insurance expense 1,700 6,900 2,200 Sales discounts Salaries expense Incone tax expense 2,900 8,200 6,100 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. 2-a. Calculate the inventory turnover ratio for the month of March 2-b. Would you expect this ratio to be higher or lower in December 2021? 3. Calculate the gross profit ratio for the month of March. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 28 Req3 Prepare a multiple step income statement for the month ended March 31, 2021. Net sales PARTY STORE Multiple-step Income Statement For the month ended March 31, 2021 Total sales revenue Key A Prepare a multiple-step income statement for the month ended March 31, 2021. Net sales PARTY STORE Multiple-step Income Statement For the month ended March 31, 2021 Total sales revenue Net sales Operating expenses Total Operating income Non-operating items Total ook Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. 2-6. Calculate the inventory turnover ratio for the month of March. 2-b. Would you expect this ratio to be higher or lower in December 2021? 3. Calculate the gross profit ratio for the month of March. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Req 28 Reg 3 Calculate the inventory turnover ratio for the month of March. Inventory Turnover Ratio: Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. 2-a. Calculate the inventory turnover ratio for the month of March. 2-b. Would you expect this ratio to be higher or lower in December 2021? 3. Calculate the gross profit ratio for the month of March. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Would you expect this ratio to be higher or lower in December 2021? OHigher OLower < Req 2A Req 3 > Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. 2-a. Calculate the inventory turnover ratio for the month of March. 2-b. Would you expect this ratio to be higher or lower in December 2021? 3. Calculate the gross profit ratio for the month of March. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 3 Calculate the gross profit ratio for the month of March. Gross Profit Ratio < Req 28