The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of...

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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 $3,760,000 $ 760,000 3,200,000 (755,000) 3,205,000 $ 555,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio times 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 $3,760,000 $ 760,000 3,200,000 (755,000) 3,205,000 $ 555,000 Required: 1. Determine Rowan's inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover ratio times