The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers: Net sales                                                                                $ 2,460,000Less: Cost of goods sold:Inventory, January 1                                       $  630,000Net purchases                                                 1,900,000Inventory, December 31                                  (690,000)          1,840,000Gross profit                                                                              $ 620,000 Required:1. Determine Rowan’s inventory turnover.2. What information does this ratio provide?

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