James and Lucy Li Industries recently reported the following balance sheet: Cash $300,000 Accounts Receivable 700,000 Inventories 500,000 Current Assets $1, 500,000 Net fixed Assets 3, 500,000 Total Assets $5,000,000 Current Liabilities $1,000,000 Long-term debt 2,000,000 Common Equity 2,000,000 Total Liabilities and Equity $5,000,000 The company's current inventory turnover ratio is 4. The company wishes to maintain its current level of sales, but lower its inventory so that its inventory turnover ratio equals the industry average, which is 6. Half of the cash freed up the inventory decrease would be used to purchase additional fixed assets, while the remainder would be used to reduce current liabilities. What would be the company's quick ratio, if it were able to reduce inventory as planned