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 $12,700 Sales revenue $64,800 Inventory (July 1, 2024) 1,800 Interest income 2,300 Sales returns 1,200 Cost of goods sold 28,200 Utilities expense 3,100 Rent expense 5,700 Income tax expense 5,000 Interest expense 500 Inventory (July 31, 2024) 1,200 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.