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 $13,500 Sales revenue 2,200 Interest income 1,000 cost of goods sold 3,500 Rent expense 5,800 Interest expense Inventory (July 31, 2021) $68,800 3,100 28,600 6,500 300 1,000 3. Calculate the gross profit ratio for the month of July, Gross Profit Ratio