Baskin-Robbins is one of the worlds 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 $12,200 Sales revenue $62,300 Inventory (July 1, 2024) 1,550 Interest income 1,800 Sales returns 1,200 Cost of goods sold 27,950 Utilities expense 2,850 Rent expense 5,200 Income tax expense 4,500 I

Calculate the gross profit ratio for the month of July.