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[The following information applies to the questions displayed below.] Baskin-Robbins is one of the worlds 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	$	13,700			Sales revenue	$	69,800
Inventory (July 1, 2021)		2,300			Interest income		3,300
Sales returns		1,100			Cost of goods sold		28,700
Utilities expense		3,600			Rent expense		6,700
Income tax expense		6,000			Interest expense		400
					Inventory (July 31, 2021)		1,100

1. 2-a. Calculate the inventory turnover ratio for the month of July.

Inventory Turnover Ratio
Cost of goods sold	=		=	0