Question: Please explain how to solve the following: Current and Quick Ratios Morris Industries has current assets equal to $3 million. The company's current ratio is

Please explain how to solve the following:

Current and Quick Ratios

Morris Industries has current assets equal to $3 million. The company's current ratio is 1.5, and its quick ratio is 1.1. What is the firm's level of current liabilities? What is the firm's level of inventories? Do not round intermediate calculations. Round your answers to the nearest dollar.

Current liabilities: $

Inventories: $

Thank you

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