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, 20 Sales returns Utilities expense Income tax expense $13,300 Sales revenue 2,100 Interest income 1,200 Cost of goods sold 3,400 Rent expense 5,600 Interest expense Inventory (July 31, 2021) $67,800 2,900 28,500 6,300 500 1,200 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio