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 2021.

Salaries expense	$	12,600			Sales revenue	$	64,300
Inventory (July 1, 2021)		1,750			Interest income		2,200
Sales returns		1,000			Cost of goods sold		28,150
Utilities expense		3,050			Rent expense		5,600
Income tax expense		4,900			Interest expense		300
					Inventory (July 31, 2021)		1,000

3. Calculate the gross profit ratio for the month of July.