Question
Morris Industries, is a specialty retailer that operates stores selling clothes under various trade names. Assume that you are employed as a stock analyst and
Morris Industries, is a specialty retailer that operates stores selling clothes under various trade names. Assume that you are employed as a stock analyst and your boss has just completed a review of Morris Industries, for the first quarter of 2019. She provided you with her notes, but they are missing some information that you need. Her notes show the inventory for Morris was $2,320 million at the end of the quarter and $2,210 million at the beginning of the quarter. Net Sales for the quarter were $4,100 million. Gross Profit was $1,500 million and Net Income was $307 million.
Required:
Determine the Cost of Goods Sold and cost of purchases for the first quarter. (Enter your answers in millions.)
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