Required information [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 $13,100 2,000 1,100 3,300 5,400 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $66, 800 2,700 28,400 6,100 400 1,100 RS 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio 14 Part 2 of 3 Required information [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. 6.25 points 01:30:20 Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $13,100 Sales revenue 2,000 Interest income 1,100 Cost of goods sold 3,300 Rent expense 5,400 Interest expense Inventory (July 31, 2021) $66,800 2,700 28,400 6,100 400 1,100 eBook References 2-a. Calculate the inventory turnover ratio for the month of July. Inventory Turnover Ratio 2-b. Would you expect this ratio to be higher or lower in December 2021? Higher Lower