Calculating the Current Ratio and the Quick $($or Acid$-$Test$)$ Ratio

LoLo Lemon Company has current assets equal to $$500,000.$ Of these, $$300,000$ is cash, $$75,000$ is accounts receivable, $$125,000$ is inventory, and the remainder is marketable securities$.$ Current liabilities total $$425,000.$

Required:

Note: Round answers to two decimal places.

Calculate the current ratio.

Calculate the quick ratio $($acid$-$test ratio$).$