The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers $4,260,000 Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $ 810,000 3,700,000 (780,000) 3,730,000 $ 530,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) nventory moto bites