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The following information applies to the questions displayed below e world's largest specialty Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the $61,800 1,700 $12,100 Sales revenue Salaries expense Inventory (July 1, 2018) Sales returns Utilities expense Income tax expense 1,500 Interest Income 100 Cost of goods sold 2,800 Rent expense 4,400 Interest expense 400 Inventory (July 31, 2018) 1,100 Required 1. Prepare a multiple-step income statement for the month ended July 31, 2018 BASKIN-ROBBINS Multiple-step Income Statement For the month of July, 2018 Net sales Total sales revenue $ 61,800 (1,100) Less: Sales returns Net sales revenue $ 60,700 27,900 Cost of goods sold 32,800 Gross proft Operating expenses 12,100 2,800 5,100 Salaries expense Utilities expense Rent expense 20,000 12,800 Total Operating income Non-operating items 1,700 Interest income 400) Interest expense Total Income before income taxes Income tax expense 1,300 4,400) $ 14,500 Net income Award: 5 out of 5.00 points 2-a. Calculate the inventory turnover ratio for the month of July Inventory Turnover Ratio $ 27,900 1,300 Cost of goods sold Average inventory 21.5 2-b. Would you expect this ratio to be higher or lower in December 2018? Lower eBook & Resources eBook: Analyze management of inventory using the inventory turnover ratio and gross profit ratio Book: Understand how fgoods sold is reported in a multiple-step income statement 0 Award: 5 out of 5.00 points 3. Calculate the gross profit ratio for the month of July Gross Profit Ratio Gross profit Net sales $ 32,800 $ 60,700 54%