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please solve E6-2 (Algo) Inferring Merchandise Purchases [LO 6-2] The Jump Incorporated, is a specialty retalier that operates stores selling clothes under various trade names.
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E6-2 (Algo) Inferring Merchandise Purchases [LO 6-2] The Jump Incorporated, is a specialty retalier 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 The Jump Incorporated, 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 Jump was $2,250 million at the end of the quarter and $2,140 million at the beginning of the quarter. Net Sales for the quarter were $3,750 million. Gross Profit was \$1,360 million and Net Income was \$237 million. Required: Determine the Cost of Goods Sold and cost of purchases for the first quarter. (Enter your answers in millions.) Step by Step Solution
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