M6-4 Inferring Purchases Using the Cost of Goods Sold Equation [LO 631 Inferring Purchases Using the Cost of operates department stores located primarily in the Southwest, Southeast, and Midwest in its 2013 third-quarter report, the company tr the third quarter of $1.8 eported Cost of Goods Sold of $1.0 billion, ending inventory for billion, and ending inventory for the previous quarter of $1.5 billion. Estimate merchandise purchases for the third quarter (Enter your answer in billions decimal place.) billion References eBook & Resources Worksheet on