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 $$12,300$ Sales revenue $$62,800$

Inventory $($July $1,2024)1,600$ Interest income $1,900$

Sales returns $1,000$ Cost of goods sold $28,000$

Utilities expense $2,900$ Rent expense $5,300$

Income tax expense $4,600$ Interest expense $300$

Inventory $($July $31,2024)1,000$

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.