Problem $6-7$A $($Algo$)$ Prepare a multiple$-$step Income statement and calculate the Inventory turnover ratlo and gross profit ratio $($LO$6-2,6-7)$

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 $\text{'}$n Cream. Assume that a local Baskin$-$Robbins in Raleigh, North Carolina, has the following amounts for the month of July $2024.$

Required:

$1.$ Prepare a multiple$-$step Income statement for the month ended July $31,2024.$

$2-$a$.$ Calculate the inventory turnover ratlo 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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Calculate the gross profit ratio for the month of July.