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 building Inventory (Mar. 1, 2021) Cost of goods sold $71, 800 5,300 3,200 6,400 2,250 35,250 Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,200 1,750 2,450 8,300 3,100 Problem 6-7B Part 1 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. stration Problems Chapter 6 i Saved TOYS "R"US Multiple-step Income Statement For the month of March 2021 3 Net sales: Total sales revenue Net sales revenue 17:14 Operating expenses: 1 aces Total Operating income Non-operating items: Total CUP