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

The following is a portion of the condensed income statement for Rowan, Incorporated, a manufacturer of plastic containers: Required: 1. Determine Rowan's inventory turnover. Note: Round your answer to 2 decimal places