hi 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 $13,300 Sales revenue 2,100 Interest income 1,200 Cost of goods sold 3,400 Rent expense 5,600 Interest expense Inventory (July 31, 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. $67,800 2,900 28,500 6,300 500 1,200

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. 1,2024 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 qu Assessment Tool iframe your answers in the tabs below. Calculate the inventory turnover ratio for the month of July. Complete this question by entering your answers in the tabs below. Would you expect this ratio to be higher or lower in December 2024 ? Would you expect this ratio to be higher or lower in December 2024? Calculate the gross profit ratio for the month of July