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 Problem 6-7A Part 1 Net sales BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Total sales revenue $12,900 Sales revenue 1,900 Interest income. 1,000 3,200 5,200 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. Net sales revenue Operating expenses Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $65,800 2,500 28,300 5,900 300 1,000