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 2018. Salaries expense Inventory (July 1, 2018) Sales returns Utilities expense Income tax expense $13,100 2,000 1,100 3,300 5,400 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2018) $66,800 2,700 28,400 6,100 400 1,100 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2018. BASKIN-ROBBINS Multiple-step Income Statement For the month of July, 2018 Net sales: Total sales revenue Net sales revenue Operating expenses: Total Operating income Non-operating items: Total 2-a. Calculate the inventory turnover ratio for the month of July. Inventory Turnover Ratio 2-b. Would you expect this ratio to be higher or lower in December 2018? O Higher O Lower 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio