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 $ 13,300 Sales revenue $67,800 2,100 Interest income 2,900 1,200 Cost of goods sold 28,500 3,400 Rent expense 6,300 5,600 Interest expense 500 Inventory (July 31, 2021) 1,200 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