Required information Problem 6-7B 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) Toys "R"Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021 Sales revenue Advertising expense Rent expense Gain on sale of huilding Inventory (Mar 1, 2021) Cont of goods sold $68,800 4.200 2,600 5,800 1.950 34,950 Inventory (Mar 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,200 1,450 2,150 7,700 2,500 Problem 6-7B Part 1 Required: 1. Prepare a multiple-step Income statement for the month ended March 31, 2021 TOYS"R"US Multiple come Statement For the month of March 2021 Net sales Total sales wvenue Nu es venue Omany expen 14 15 16 Next > Cost of goods SUU Problem 6-7B Part 2 es 2-a. Calculate the inventory turnover ratio for the month of March, Inventory Turnover Ratio 11 Problem 6-7B Part 3 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio 11 11