[The following information applies to the questions displayed below] Toys"R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $77,300 Inventory (Mar. 31, 2021) $1,000 6,400 Insurance expense 2,300 4,380 Sales discounts 3,000 7,500 Salaries expense 9,400 2,800 Income tax expense 4,200 35,800 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021 TOYS "R"US Multiple-step Income Statement For the month of March, 2021 Net sales Total sales revenue $ 70.800 Less: Sales discounts 2,350 Net sales revenue Sales revenue $ 68.450 35.150 Required information $ murupresup comedatumune For the month of March, 2021 Net sales: Total sales revenue $ 70.800 Less: Sales discounts 2,350 Net sales revenue Sales revenue Cost of goods sold Gross profit Operating expenses Rent expense 3,000 Advertising expense 5,100 Insurance expense 1,650 Salaries expense 8.100 68,450 35,150 33,150 33,300 5 Total 17.850 15,450 Operating income Non-operating items: Gain on sale of building 6,200 Total income before income taxes Income tax expense 6,200 21,650 2.900 Net income $ 18,750 Tuys R Us Sels a variety i mies tuys, yaires, VUURS, CHU decesures. Assume ud a UCI SWIEC US SENS amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $77,300 Inventory (Mar. 31, 2021) 6,400 Insurance expense 4,300 Sales discounts 7,500 Salaries expense 2,800 Income tax expense 35,800 $1,000 2,300 3,090 9,400 4,200 2-a. Calculate the inventory turnover ratio for the month of March Inventory Turnover Ratio 2-b. Would you expect this ratio to be higher or lower in December 2021? Higher Lower Required information [The following information applies to the questions displayed below.) Toys"R"Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2821) Cost of goods sold $77,300 Inventory (Mar. 31, 2021) 6,480 Insurance expense 4,300 Sales discounts 7,500 Salaries expense 2,800 Income tax expense 35,800 $1,000 2,300 3,000 9,400 4,200 3. Calculate the gross profit ratio for the month of March Gross Profit Ratio