calculate the company's quick ratio for 2020

Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share) Sales revenue $378,000 Cost of goods sold 162,500 Net income 10,790 Dividends 3,380 Earnings per share 5.40 73,800 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec 31, 2019 Assets Cash $26,390 $31,800 Accounts receivable (net) 82,800 Inventory 51,350 56,810 Total Current Assets 160,540 162,410 Plant assets (net) 94,680 90,900 Other assets 20,280 17,940 Total Assets $275,500 $271,250 Liabilities and Stockholders' Equity Notes payable-banks $10,800 $10,800 Accounts payable 29,250 24,310 Accrued liabilities 29,700 37,800 Total Current Liabilities 69,750 72,910 99 Bonds payable 52,000 52,000 Total Liabilities 121,750 124,910 Common stock* 90,000 90,000 Retained earnings 63,750 56,340 Total Stockholders' Equity 153,750 146,340 Total Liabilities and Stockholders' Equity $275,500 $271,250 *Common stock: $25 par value, 3,600,000 shares outstanding, 1.3 Industry Average Ratios for Competitors Quick ratio Current ratio Accounts receivable turnover Inventory turnover Debt-to-equity ratio Gross profit percentage Profit margin Return on assets 2.4 5.9 times 3.5 times 0.73 42.8 percent 45 percent 7.6 percent Calculate the company's quick ratio for 2020. Round answer to two decimal places (ex: 1.34543 = 1.35)