Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (L06-2, 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 $12,300 Sales revenue 1.600 Interest Income 1,000 cost of goods sold 2,900 Rent expense 4.600 Interest expense Inventory (July 31, 2021) $62,800 1.900 28,000 5,300 300 1,000 Problem 6-7A Part 3 3. Calculate the gross profit ratio for the month of July Gross Profit Ratio