Required information 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 $12,200 Sales revenue 1,550 Interest income 1,200 Cost of goods sold 2,850 Rent expense 4,500 Interest expense Inventory (July 31, 2021) $62,300 1.890 27.950 5, 200 500 1,200 Problem 6-7A Part 1 BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue Net sales revenue Operating expenses 0 Total Operating income Non-operating items: Total 0 Operating income Non-operating items: Total