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 $12,500 Sales revenue $63,800 1,700 Interest income. 2,100 1,200 Cost of goods sold 28,100 3,000 Rent expense 5,500 4,800 Interest expense 500 Inventory (July 31, 2021) 1,200