Fanning Corporation's balance sheet indicates that the company has $550,000 invested in operating assets. During the year, Fanning earned operating income of $60,500 on $1,100,000 of sales. Required a. Compute Fanning's profit margin for the year. b. Compute Fanning's turnover for the year. c. Compute Fanning's return on investment for the year. d. Recompute Fanning's ROI under each of the following independent assumptions: (1) Sales increase from $1,100,000 to $1,320,000, thereby resulting in an increase in operating income from $60,500 to $67,320. (2) Sales remain constant, but Fanning reduces expenses, resulting in an increase in operating income from $60,500 to $62,700. (3) Fanning is able to reduce its invested capital from $550,000 to $440,000 without affecting operating income. Compute Fanning's profit margin, turnover and return on investment for the year. (Round "Profit margin" and "Return on investment" to 1 decimal place (i.e., 0.234 should be entered as 23.4).) Recompute Fanning's ROI under each of the following independent assumptions: (Do not round intermediate calculations. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) (1) Sales increase from $1,100,000 to $1,320,000, thereby resulting in an increase in operating income from $60,500 to $67,320. (2) Sales remain constant, but Fanning reduces expenses, resulting in an increase in operating income from $60,500 to $62,700. (3) Fanning is able to reduce its invested capital from $550,000 to $440,000 without affecting operating income