Federal Way, Incorporated, is a major department store chain. The dominant portion of the company's business...

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Federal Way, Incorporated, is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, Federal Way reported cost of goods sold of $11,574 million, ending inventory for the current year of $3,261 million, and ending inventory for the previous year of $3,648 million. Required: Develop a reasonable estimate of the merchandise purchases for the year. Note: Enter your answers in millions. Purchases million million million million Federal Way, Incorporated, is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, Federal Way reported cost of goods sold of $11,574 million, ending inventory for the current year of $3,261 million, and ending inventory for the previous year of $3,648 million. Required: Develop a reasonable estimate of the merchandise purchases for the year. Note: Enter your answers in millions. Purchases million million million million