M7-4 Inferring Purchases Using the Cost of Goods Sold Equation LO7-1 KnK Company, Inc., is a major retailer with department stores in all 50 states. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores that include catalog departments. In a recent annual report, KnK Company reported cost of goods sold of $11,577 milion, ending inventory for the current year of $3,258 million, and ending inventory for the previous year of $3,638 million Required: Develop a reasonable estimate of the merchandise purchases for the year? (Enter your answers in millions.) million million million million Purchases