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 do from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin-Robbins in has the following amounts for the month of July 2021. Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $11,900 1,400 1,200 2,700 4,200 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $60,800 1,500 27,800 4,900 500 1,200 Net sales: Total sales revenue Less: Sales returns Net sales revenue Cost of goods sold Gross profit Operating expenses: Salaries expense Utilities expense Rent expense 0 Total Operating income Non-operating items: Interest income Interest expense + + Total Income before income taxes Income tax expense 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio 5 II 11 =