Please answer number 7. Thank you!

Notes: a. Assume that average inventor b. "Quick" assets only include cash and accounts receivable. 7. Dawn's Fruitcake Factory specializes in making Christmas fruitcakes. Dur. ing the year, they had $3.0 million in food sales with a 40 percent food cost Dawn takes inventory every quarter. The inventories for the past year are shown as follows. End of 1st quarter End of 2nd quarter End of 3rd quarter End of 4th quarter $300,000 $400,000 $600.000 $200,000 a. Which quarter is Dawn using for her inventory turnover calculation? b. Do you think this is the appropriate approach to calculate inventory turnover? 8. The following is the balance sheet for Sullivan Hotels Corporation as of December 31, 2002. SUIVANUTELOODDODATION