Assume Party Store has the following account balances for the month of March $2024,$ and that the company uses a perpetual

inventory system.

Required:

Prepare a multiple$-$step income statement for the month ended March $31,2024.$

$2-$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 $2024?$

Calculate the gross profit ratio for the month of March.

Complete this question by entering your answers in the tabs below.

Prepare a multiple$-$step income statement for the month ended March $31,2024.$