Calculate the inventory turnover ratio for the month of July. Calculate the gross profit ratio for the month of July. 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. 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. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Total Nonoperating Items } & & \\ \hline Income before income taxes & 2 & & 12,300 \\ \hline Income Tax Expense & & & (5,700) \\ \hline Net income & & $ & 6,600 \\ \hline \end{tabular}