Refer to the Shopit, Inc. financial statement information. What would Shopit's 2016 current ratio be if Shopit used FIFO? Assume there are no income taxes.

Shopit Incorporated Financial Statement Information Balance Sheets Income Statement At December 31 Current Assets Cash Accounts receivable Inventories Total current assets Long term investments Property, plant, and equipment, net Other long term assets Total assets 2016 2015 $2,125 1,092 6,635 $9,852 94 5,301 1,180 $16,427 $353 1,659 6,853 $8,865 108 6,011 1,658 $16,642 7 1,993 929 188 $3,117 7,000 983 2,638 1,158 524 $5,303 5,307 2,110 4,200 $6,310 2,102 3,930 $6,032 Current liabilities Notes payable and debt due within one year Accounts payable Accrued payroll and other liabilities Taxes payable (income and other) Total current liabilities Long term debt obligations Shareholders' equity Common stock Retained earnings Total shareholders' equity Year ended December 31 Sales Cost of goods sold Selling, general, & admin. Other Interest expense Misc. gains, losses, & expenses Net income (loss) Selected items from the notes to consolidated financial statements Note 1: Inventories Inventories are reported primarily using LIFO and are net of LIFO reserves of $751, $804 and $861 at year end 2016, 2015 and 2014 respectively. Note 7: Property, Plant, and Equipment The components of property, plant, and equipment are as follows: December 31, December 31, 2016 2015 Buildings..................................... $ 3,482 $ 3,786 Furniture and fixtures........................ 6,570 7,159 ------------10,052 10,945 Less-accumulated depreciation (4,751) (4,934) ----------- Total....................................... $ 5,301 $ 6,011 ======= ======= 2016 $36,154 (26,996) (7,554) (451) (446) (248) $459 Depreciation expense was $729, $680, and $677 in 2016, 2015, and 2014 respectively. The dollar amount of land owned by the Company is immaterial. There were no asset impairment charges during 2016, 2015, or 2014. Note 10: Acquisitions Shopit did not engage in any business acquisition activity during the year ended December 31, 2016. Note 11: Taxes There are no income taxes for Shopit.