7. Fern, Inc. reported sales for the year of $200,000 all on credit. The average gross profit percentage was 50% on sales. Account balances follow: Beginning Ending Accounts Rec. (Net) $55,000 $65,000 Inventory 50,000 80,000 a. Using the above information calculate the accounts receivable turnover to one decimal place. (3 pts) b. Using the above information calculate the inventory turnover to one decimal place. (3 pts) c. What do AR and Inventory Turnover measure? Why is this important to a business? (2 pts)