The Fun Zone 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 $2024.$

Required:

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

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

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

Calculate the gross profit ratio for the month of March.