M7-4 (Algo) Inferring Purchases Using the Cost of Goods Sold Equation 107-1 FederalWay, Inc., 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, FederalWay reported cost of goods sold of $11,567 million, ending inventory for the current year of $3,258 million, and ending Inventory for the previous year of $3,637 million Required: Develop a reasonable estimate of the merchandise purchases for the year. (Enter your answers in millions.) million million million Purchases million