Show me the steps to solve 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 $2024.$ 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 $\text{'}$n Cream. Assume that a local Baskin$-$Robbins in Raleigh, North Carolina, has the following amounts for

the month of July $2024.$

Required:

Prepare a multiple$-$step income statement for the month ended July $31,2024.$

$2-$a$.$ Calculate the inventory turnover ratio for the month of July.

$2-$b$.$ Would you expect this ratio to be higher or lower in December $2024?$

Calculate the gross profit ratio for the month of July.

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Required $1$

Required $2a$

Required $2b$

Calculate the gross profit ratio for the month of July.

Gross Profit Ratio Prepare a multiple$-$step income statement for the month ended July $31,2$ apter $06$: Inventory and Cost of Goods Sold

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Salaries expense $$12,700$ Sales revenue $$64,800$

Inventory $($July $1,2024)1,800$ Interest income $2,300$

Sales returns $1,200$ Cost of goods sold $28,200$

Utilities expense $3,100$ Rent expense $5,700$

Income tax expense $5,000$ Interest expense $500$

Inventory $($July $31,2024)1,200$