The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $42,459 Accounts receivable (net) 26,112 Inventory 26,049 Property, plant and equipment 296,973 Total Assets $391,593 Liabilities and Stockholders' Equity Current liabilities $56,199 Long-term liabilities 96,328 Stockholders' equity-common 239,066 Total Liabilities and stockholders' equity $391,593 Income Statement Sales $99,337 Cost of goods sold 44,702 Gross margin $54,635 Operating expenses 20,299 Net income $34,336 Number of shares of common stock 5,595 Market price of common stock $35 What is the current ratio for this company? Round your answer to two decimal places.

Select the correct answer.

1.22

2.22

0.76

1.68