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 $13,000 Sales revenue 1,950 Interest income $66,300 2,600 1,200 Cost of goods sold 28,350 3,250 Rent expense 6.000 5,300 Interest expense 500 Inventory (July 31, 2024) 1,200 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.