Foster Company had current assets and current liabilities as follows.
Current assets:
Cash ............................................... $ 50,000
Accounts receivable ............................. 80,000
Inventory ........................................ 125,000
Current liabilities:
Accrued expenses ............................... $ 25,000
Accounts payable ................................ 110,000
Current portion of long-term debt ............. 56,000
Calculate the current and quick ratios using the information provided.