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Required information Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) [The following information applies to the questions displayed below) 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 lowfot Espresso 'n Cream. Assume that a local Baskin Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021 Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $13,300 2.100 1.200 1,400 5.500 Sales revenue Interest indone Coat of goods sold sent expono Interest expense Inventory 031: 2021) $67,000 2.500 28,505 6.300 500 1.200 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. Answer is not complete. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue $ 67,800 Less: Sales returns 1,200 Net sales revenue Cost of goods sold Sales revenue $ 66,600 28,500 38,100 5 Operating expenses: Salaries exponse Utilities expense Income tax expense Rent expense 13,300 3,400 5,600 6,300 28.600 Total Operating income Non-operating items: Interest income SS 2.900 500 Interest expenso Total 2,400 Net income 12,000 2-a. Calculate the inventory turnover ratio for the month of July. Answer is complete but not entirely correct. Inventory Turnover Ratio Net sales $ 66,600 Average Inventory 1,650 40.4 2-b. Would you expect this ratio to be higher or lower in December 2021? Higher Lower Required information Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) [The following information applies to the questions displayed below.) 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 2021. Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $13,300 2,100 1,200 3,400 5,600 Sales revenge Interest income cost of goods sold Rent expense Interest expende Inventory (July 31, 2021) $67,800 2.900 28,500 6,300 500 1,200 Problem 6-7A Part 3 3. Calculate the gross profit ratio for the month of July, Gross Profit Ratio