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 lowfot 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 $12,100 Sales revenue 1,500 Interest income 1,100 Cost of goods sold 2,800 Rent expense 4.400 Interest expense Inventory (July 11, 2021) $61.000 1.700 27.900 5.100 400 1.100 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. Answer is complete but not entirely correct. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales Total sales revenue $ 61.800 Less: Sales returns 1.100 Net sales revenue Cost of ooods sold 2 $ 60,700 27.900 35 H: 21 Next > Answer is complete but not entirely correct. BASKIN ROBBINS Multiple-step Income Statement For the month of July 2021 Not sales: Total sales revenue 61.800 Less: Sales returns 1,100 Net sales revenue $ 60,700 Cost of goods sold 27.900 o 32.800 Gross proft Operating expenses Salaries expense Uites expense Rent expense 12.100 2.800 5.100 20.000 12,800 Total Operating income Non-operating items Interest income Interest expense Oo 1.700 400 19 Required information Part 1 of 3 32.800 Gross profit Operating expenses Salaries expense Utilities exponse Rent expense Oo 12.100 2.800 5.100 20,000 12.800 Total Operating income Non-operating items Interest income Interest expense Ol 1,700 400 Total Income before income taxes Income tax expense 1,300 11,500 4,400 Not income $ 7.100 encome tax expecte 4.400 Interest expense Inventory (July 31, 2021) -5,100 400 1.100 2-a. Calculate the inventory turnover ratio for the month of July Inventory Turnover Ratio Average inventory 2-b. Would you expect this ratio to be higher or lower in December 2021? O Higher Lower 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 $12,100 Sales revenue 1,500 Interest income 1,100 Coat of goods sold 2.800 Rent expense 4,400 Interest expense Inventory (July 31, 2021) $61,100 1.700 27,900 5,100 400 1.100 3. Calculate the gross profit ratio for the month of July. Gross Pront Ratio