Current Ratio The following financial data is from Hi-Tech Instruments financial statements (thousar 2016 Sales revenue Cost of goods sold Net income Dividends Earnings per share $210,000 125,000 8,300 2,600 4.15 Hi-Tech Instruments, Inc. Balance Sheet Dec 31, 2016 Dec 31, 2015 (Thousands of Dollars) Asses Cash Accounts receivable (net) Inventory Total current assets Plant assets (net) Other assets $3.300 31.000 39.500 73.800 52.600 15.600 142.000 $18.000 41.000 43.700 102 700 50 500 13.800 $167.000 Total assets Liabilities and Stockholders Equity Noter payable-banks Accounts payable 55.000 22.500 16.500 45.000 Accrued abilities Total current abilities 99 Bonds payable Common Sock 525 arse 2.000.000 share To stockho certeous 43 9% Bonds payable Total liabilities Common stock, $25 par value (2,000,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 10,000 55,000 50,000 37,000 87,000 142,000 40,000 85,700 50,000 31,300 81,300 $167,000 industry Average Ratios for Competitors Quick ratio Current ratio Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.73 Gross profit percentage 42.8 percent Return on sales 5 percent Return on assets 7.6 percent Calculate the company's current ratio for 2016. Round answer to one decimal place. Compare the result to the industry average, HiTech Instruments ratio is higher than the industry average. HiTech Instruments ratio is lower than the industry avel