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 $ 12,900 Sales revenue 1,900 Interest income 1,000 Cost of goods sold 3,200 Rent expense 5,200 Interest expense Inventory (July 31, 2021) $65,800 2,500 28,300 5,900 300 1,000 1. Prepare a multiple-step income statement for the month ended July 31, 2021. 2. Calculate the inventory turnover ratio for the month of July. 3. Calculate the gross profit ratio for the month of July