A firm's long-term assets = 30,000, total assets =350,000, inventory = 34,000 and current liabilities =50,000. What are the firm's current ratio and quick ratio?
1) Current ratio = 11.4; quick ratio = 10.7
2) Current ratio = 8.9; quick ratio = 8.2
3) Current ratio = 16.4; quick ratio = 15.7
4) Current ratio = 6.4; quick ratio = 5.7