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 Inventory (July 1, 2024) Sales returns Utilities expense Income tax expense: $13,500 Sales revenue 2,200 Interest income $68,800 3,100 1,000 Cost of goods sold 28,600 3,500 Rent expense 5,800 Interest expense 6,500 300 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. Net sales: BASKIN-ROBBINS Multiple-Step Income Statement For the Month of July 2024 Total sales revenue Net sales revenue Operating expenses: Total Operating income Nonoperating items: Total