M7-4 (Algo) Inferring Purchases Using the Cost of Goods Sold Equation LO7-1 FederaiWay, Incorporated, is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through dopartment stores and online. In a prior annual report, Federal Way reported cost of goods sold of $11,571 million, ending inventory for the current year of $3.253 million, and ending inventory for the previous year of $3,649 million. Required: Develop a reasonable estimate of the merchandise purchases for the year. Note: nter your answers in millions