i 'm putting this as simple as i can.
think of it like this: you have a 256 bit "Memory Interface Width" meaning something like 256 bits of data could flow at any one time. now multiply that with 27 and you could get about 7000 bits per second in terms of memory clock, which means that in 1 second, your gpu's ram could transfer about 7000 bits of data.
now, i can't seem to find why the number 27 is used, but i will edit this post when i do.
regarding the gpu-z reading, you are correct, you'll need to multiply the reading by about 4, meaning 1800 mhz x 4 = 7200 mhz or about 7ghz.
and finally, the conversion between hz and bps is not entirely cut and dry, but for the purposes of gpus, they are interchageable