The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Inventory, December 31 Gross profit $3,260,000 $ 710,000 2,700,000 (730,000) 2,680,000 $ 580,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio times ces The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Inventory, December 31 Net sales Less: Cost of goods sold: Inventory, January 1 Net purchases Gross profit $3,260,000 $ 710,000 2,700,000 (730,000) 2,680,000 $ 580,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio times