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Please solve problem 6-7 a Required information Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2,

Please solve problem 6-7 a

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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 lowlat 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 $ 11,900 Sales revenue 1,400 Interest income 1,200 Cost of goods sold 2,700 Rent expense 4,200 Interest expense Inventory (July 31, 2021) $60,800 1,500 27,800 4,900 500 1,200 Problem 6-7A Part 1 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: Total Operating income Non-operating items: Total

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