Exercise 4.25 Inventory turnover; calculation and evaluation [L04-101 The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales $2,660,000 Less: Cost of goods sold: $650,000 Net purchases 2,100,000 Inventory, January 1 Inventory December 31 700,000) 2,050,000 Gross profit $ 610,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) nventory turnover ratio times