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 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 $11,700 1,300 1,000 2,600 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $59,800 1,300 27,700 4,700 300 1,000 4,000 oblem 6-7A Part 3 Calculate the gross profit ratio for the month of July. Gross Profit Ratio