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.

Complete this question by entering your answers in the tabs below.

Required $2$b

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

THE FUN ZONE

Multiple$-$Step Income Statement

For the Month of March, $2024$

Calculate the inventory turnover ratio for the month of March.

$2$ a$.$ Inventory Turnover Ratio

Numerator$/$Denominator $=$Amounts $=$

$2$ b Would you expect this ratio to be higher or lower in December $2$Calculate the gross profit ratio for the month of March.

Gross Profit Ratio

Numerator$/$Denominator $=$Amounts $=$

Numerator$/$Denomenator choices: AP$,$ Average Accounts receivable, average inventory, Cash Collected, COGS, Gross Profit, NEt Sales