Baskin-Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of...

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Baskin-Robbins is one of the world's 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 2024. Salaries expense $68,300 3,000 Inventory (July 1, 2024) Sales returns $13,400 Sales revenue 2,150 Interest income 1,100 Cost of goods sold 3,450 Rent expense Utilities expense 28,550 6,400 400 1,100 Income tax expense 5,700 Interest expense Inventory (July 31, 2024) Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of July. 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 July. Baskin-Robbins is one of the world's 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 2024. Salaries expense $68,300 3,000 Inventory (July 1, 2024) Sales returns $13,400 Sales revenue 2,150 Interest income 1,100 Cost of goods sold 3,450 Rent expense Utilities expense 28,550 6,400 400 1,100 Income tax expense 5,700 Interest expense Inventory (July 31, 2024) Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of July. 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 July.

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BASKINROBBINS Multiplestep Income Statement For the month of July 2018 Net Sales Total Sal... View the full answer