Ace Industries has current assets equal to $2 million. The company's current ratio is 2.5, and its quick ratio is 2.0.
a. What is the firm's level of current liabilities? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000.
b. What is the firm's level of inventories? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000.