Problem 6-7A Prepare a multiple-step Income statement and calculate the inventory turnover ratio an 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 $12,200 1,550 1,200 2,850 4,500 Sales revenue Interest income cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $62,300 1,800 27,950 5,200 500 1,200 Problem 6-7A Part 2 2-a. Calculate the inventory turnover ratio for the month of July. Inventory Turnover Ratio 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 $12,200 1,550 1,200 2,850 4,500 Sales revenue Interest income cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $62,300 1.800 27,950 5.200 500 1.200 Problem 6-7A Part 3 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio