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[The following information applies to the questions displayed below.] Baskin-Robbins is one of the worlds 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	$	13,200			Sales revenue	$	67,300
Inventory (July 1, 2021)		2,050			Interest income		2,800
Sales returns		1,000			Cost of goods sold		28,450
Utilities expense		3,350			Rent expense		6,200
Income tax expense		5,500			Interest expense		300
					Inventory (July 31, 2021)		1,000

3. Calculate the gross profit ratio for the month of July.

Gross Profit Ratio