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 1,900 1,000 3,200 5,200 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $65,800 2,500 28,300 5,900 300 1,000 BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: 0 Total Operating income Non-operating items: Total 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? O Higher O Lower 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio 11