3. (20 points) Below is selected data of Pronto Company: Balance Sheet Data As of December 31: 2012 2011 Accounts receivable Allowance for doubtful accounts Net accounts receivable $671,000 31,000 $640,000 5642,000 22,000 S620,000 Inventories - LCM S542,500 S642,500 Income Statement Data Net credit sales Net cash sales Net sales Cost of goods sold Selling, general and adm. expenses Other Total operating expenses Net income S3,000,000 600,000 S3,150,000 800,000 $3,950,000 $2,390,000 475,000 150,000 S3,015,000 S 935.000 S2,160,000 350,000 125,000 S2,635.000 S 965.000 Required: a. What is the accounts receivable turnover for 2012? (5 points) b. What is the inventory turnover for 2012? (5 points) c. Comment on the change of quality of the account receivables from 2011 to 2012. Assuming the estimate of the Allowance account is about right, is it justifiable to accept the change of account receivable quality from 2011 to 2012? (10 points)