Question: Dillard's, Inc., operates 308 department stores located in 29 states primarily in the Southwest, Southeast, and Midwest. In its annual report for the year ended

Dillard's, Inc., operates 308 department stores located in 29 states primarily in the Southwest, Southeast, and Midwest. In its annual report for the year ended January 29, 2011, the company reported Cost of Goods Sold of $3,976 million, ending inventory for the current year of $1,290 million, and ending inventory for the previous year of $1,301 million. Is it possible to develop a reasonable estimate of the merchandise purchases for the year? If so, prepare the estimate. If not, explain why.

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