E6-2 Inferring Merchandise Purchases (LO 6-2] The Jump Inc, is a specialty retailer that operates stores selling clothes under the trade names The Jump, Pineapple Republic, and New Blue. Assume that you are employed as a stock analyst and your boss has just completed a review of the annual report of The Jump Inc, for the third quarter of 2016. She provided you with her notes, but they are missing some information that you need. Her notes show the inventory for Jump was $3.9 billion at the end of the quarter and $2.3 billion at the beginning of the quarter. Net Sales for the quarter were $7.8 billion. Gross Profit was $3.1 billion and Net Income was $295 million. Required: Determine the Cost of Goods Sold and Purchases for the third quarter. (Enter your answers in billions rounded to 1 decimal place.) billions Cost of Goods Sold Purchases Amount billions