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	$12,000	Sales revenue	$61,300
Inventory (July 1, 2024)	1,450	Interest income	1,600
Sales returns	1,000	Cost of goods sold	27,850
Utilities expense	2,750	Rent expense	5,000
Income tax expense	4,300	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.