The following information pertains to Tanzl 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 $39,956 Accounts receivable (net) 34,737 Inventory 35,154 Property, plant and equipment 252,398 Total Assets $362,245 Uabilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' equity.common Total Liabilities and stockholders' equity $68,799 95,715 197,231 $362,245 Income Statement Sales Cost of goods sold Gross margin Operating expenses Net income $87,144 39,215 $47,929 26,066 $21,863 Number of shares of common start 5 R30 Labilities and Stockholders' Equity Current liabilities Long-term liabilities Stockholders' equity.common Total Liabilities and stockholders' equity $68,799 95,715 197,731 $362,245 Income Statement Sales Cost of goods sold Gross margin Operating expenses Net income $87,144 39,215 $47,929 26,066 $21,863 Number of shares of common stock 5,830 Market price of common stock $28 What is the current ratio for this company? Round your answer to two decimal places. Select the correct answer. 1.60 2.22 0.58 1.09