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 $12,580 Sales revenue 1,700 Interest income 1,200 Cost of goods sold 3,000 Rent expense 4,800 Interest expense Inventory (July 31, 2021) $63, Bee 2,100 28, 180 5,500 see 1,200 Problem 6-7A Part 1 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 Net sales revenue Operating expenses: 0 Total Operating income Non-operating items: Total Required Information Problem 6-7A Prepare a multiple-step income statement and calculate the inventory turnover ratio and gross profit ratio (L06-2, 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 $12, see 1,780 1,200 3,000 4,800 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $63,800 2,100 28, 1ee 5,500 589 1,200 roblem 6-7A Part 2 -a. Calculate the Inventory turnover ratio for the month of July. Inventory Turnover Ratio E-b. Would you expect this ratio to be higher or lower in December 2021? O Higher O Lower 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. $12,500 1,700 Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense 1, 2ee 3,eee 4,880 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2021) $63,880 2.1ee 28,1ee 5,5ee 5ee 1,200 Problem 6-7A Part 3 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio