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 lowlat 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 $ 11,900 Sales revenue 1,400 Interest income 1,200 Cost of goods sold 2,700 Rent expense 4,200 Interest expense Inventory (July 31, 2021) $60,800 1,500 27,800 4,900 500 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: Total Operating income Non-operating items: Total 2-a. Calculate the inventory turnover ratio for the month of July. Inventory Turnover Ratio 2.b. Would you expect this ratio to be higher or lower in December 2021? Higher Lower 3. Calculate the gross profit ratio for the month of July. Gross Profit Ratio