Lloyd Inc. has sales of $300,000, a net income of $15,000, and the following balance sheet: Cash $45,240 Accounts payable $83,460 Receivables 141,960 Notes payable to bank 30,420 Inventories 312,000 Total current liabilities $113,880 Total current assets $499,200 Long-term debt 113,100 Net fixed assets 280,800 Common equity 553,020 Total assets $780,000 Total liabilities and equity $780,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 1.75x, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 1.75x); if the funds generated are used to reduce common equity (stock can be repurchased at book value); and if no other changes occur by how much will the ROC change? Do not round Intermediate calculations, Round your answer to two decimal places, What will be the firm's new quick ratio? Do not round intermediate calculations. Round your answer to two decimal places. X