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	$12,800	Sales revenue	$65,300
Inventory (July 1, 2024)	1,850	Interest income	2,400
Sales returns	1,100	Cost of goods sold	28,250
Utilities expense	3,150	Rent expense	5,800
Income tax expense	5,100	Interest expense	400
		Inventory (July 31, 2024)	1,100

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.