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	$13,500	Sales revenue	$68,800
Inventory (July 1, 2024)	2,200	Interest income	3,100
Sales returns	1,000	Cost of goods sold	28,600
Utilities expense	3,500	Rent expense	6,500
Income tax expense	5,800	Interest expense	300
		Inventory (July 31, 2024)	1,000

Required:

1. 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
Net sales:
Total sales revenue
Net sales revenue
Operating expenses:
Total		0
Operating income
Nonoperating items:
Total

2-a. Calculate the inventory turnover ratio for the month of July.

Gross Profit Ratio
Numerator/Denominator		Amounts
	=		=	0

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.

Gross Profit Ratio
Numerator/Denominator		Amounts
	=		=	0