Ending Balance Beginning balance Cash 40,000 40,200 Accounts receivable 84,000 63,700 Inventory 70,600 84,900 current assets 194,600 187,900 total assets 699,000 755,600 current liabilities 78,000 76,500 Total Liabilities 184,000 165,600 Preferred stock 48,000 48,000 common stock, $1 par value 104,000 104,000 Total stockholders' equity 515,000 590,000 Total Liabilities and stockholders' equity 699,000 755,000 This year Sales (all on account) 980,000 cost of goods sold 568,400 Gross Margin 411,600 Net operating income 263,250 Interest expense 13,500 Net Income 99,000 Required: What is the acid-test ratio at the end of this year? (Round your answer to 2 decimal places.)