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 $11,800 Sales revenue 1,350 Interest income 1,100 Cost of goods sold 2,650 Rent expense 4,100 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. Interest expense Inventory (July 31, 2024) Complete this question by entering your answers in the tabs below. Required 1 Required 2a Required 2b Required 3 Net sales: Prepare a multiple-step income statement for the month ended July 31, 2024. BASKIN-ROBBINS Multiple-Step Income Statement For the Month of July 2024 2 Drou $60,300 1,400 27,750 4,800 400 1,100

Baskin Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawbery 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. 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. Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement for the month ended July 31,2024