Q$)$On December $1,2019,$ H$.$ Co$.$ purchased a tract of land as a factory site for $800,000.$ The old building on the property was razed, and salvaged materials resulting from demolition were sold. Additional costs incurred and salvage proceeds realized during December $2019$ were as follows:

Cost to raze old building $70,000$

Legal fees for purchase contract and to record ownership $10,000$

Proceeds from sale of salvaged materials $18,000$

In H$.\text{'}$s December $31,2019$ statement of financial position, what amount should be reported as land? Q$)$A John's firm shows the following data related to an item of inventory:

Inventory, January $1==>$ consists of $100$ units @ $5\mathrm{.}00$

Purchase, January $9==>300$ units @ $5\mathrm{.}40$

Purchase, January $19==>100$ units @ $6\mathrm{.}00$

Inventory, January $31==>150$ units

What value should be assigned to ending inventory using Average Cost under periodic inventory system?