The Fun Zone sells a variety of childrens toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2024. Sales revenue $ 69,800 Inventory (March 31, 2024) $ 1,100 Advertising expense 4,900 Insurance expense 1,550 Rent expense 2,800 Sales discounts 2,250 Gain on sale of building 6,000 Salaries expense 7,900 Inventory (March 1, 2024) 2,050 Income tax expense 2,700 Cost of goods sold 35,050 Required: 1. 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? 3. Calculate the gross profit ratio for the month of March