Cash sales = $300,000 Credit sales = $1,100,000 Gross profit = $700,000 Credit purchases = $840,000 Total assets = $800,000 Total inventory = $80,000 Accounts receivable turnover ratio= 9.5 Average accounts payable = $80,000 What is the Assets turnover ratio? What is the Inventory turnover ratio? What is the total accounts receivable? What is the Gross profit margin? Farah Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $75,000; broker's fees, $6,000; title search and other legal fees, $5,000; demolition of an old building on the property, $5,700; accumulated property taxes, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500. Required: Calculate the cost of the Land?? (Note: write your answer as a number only, with no commas or signs. If your answer is $ 1,000, write it as 1000). Answer: Farah Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: purchase price, $75,000; broker's fees, $6,000; title search and other legal fees, $5,000; demolition of an old building on the property, $5,700; accumulated property taxes, $1,200; digging foundation for the road, $3,000; laying and paving driveway, $25,000; lighting $7,500; signs, $1,500. Required: Calculate the cost of the Land?? (Note: write your answer as a number only, with no commas or signs. If your answer is $ 1,000, write it as 1000)