3. Excess capacity adjustments Water and Power Co. (W&P) had sales of $1,400,000 last year on fixed assets of $395,000. Given that W&P's fixed assets were being used at only 96% of capacity, then the firm's fixed asset turnover ratio was How much sales could Water and Power Co. (W&P) have supported with its current level of fixed assets? O $1,750,000 $1,677,083 $1,458,333 $1,385,416 When you consider that W&P's fixed assets were being underused, what should be the firm's target fixed assets to sales ratio? O 25.74% O 31.15% O 32.51% O 27.09% Suppose W&P is forecasting sales growth of 19% for this year. If existing and new fixed assets are used at 100% capacity, the firm's expected fixed assets turnover ratio for this year is