Required information 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 o from Very Berry has the following amounts for the month of July 2021. Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin Robbins in Raleigh, North Carolina $69,800 3,300 28,700 6,700 400 $13,700 Sales revenae Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Incone tax expense 2,300 Interest incone 1,100 Cost of goods sold 3,600 Rent expense 6,000 Interest expense Inventory (July 31, 202 1,100 Problem 6-7A Part 2 2-a. Calculate the inventory turnover ratio for the month of July r Ratio Inventory T