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Required information Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (LO6-2, 6-7) [The following information applies to the questions displayed below.) 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 2021. Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $13,100 Sales revenue 2,000 Interest income 1,100 Cost of goods sold 3,300 Rent expense 5,400 Interest expense Inventory (July 31, 2021) $66,800 2,700 28,400 6,100 400 1,100 Problem 6-7A Part 1 Required: 1. Prepare a multiple-step income statement for the month ended J BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: Total Operating income Non-operating items: CAP