! 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 Problem 6-7A Part 1 $11,900 1,400 Sales revenue Interest income $60,800 1,500 1,200 Cost of goods sold 27,800 2,700 4,200 Rent expense 4,900 Interest expense 500 Inventory (July 31, 2021) 1,200 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021. BASKIN-ROBBINS Multiple-step Income Statement For the month of July 2021 Net sales: Total sales revenue Less: Sales retums Net sales revenue Operating expenses: Utilities expense Rent expense $ 60,800 1,200 $ 59.600 2,700 4,900 R