Uperations and s corneas corpora Falled to open pe Internship Jobs Add Artifacts to Connect ter 6 Homework Problems - REQ'D Seved Help Save & Exit Submit Check my work 3 E6-2 Inferring Merchandise Purchases (LO 6-2] The Gap, Inc., is a specialty retailer that operates stores selling clothes under the trade names Gap, Banana Republic, Athleta, and Old Navy. Assume that you are employed as a stock analyst and your boss has just completed a review of the annual report of The Gap. Inc., for the third quarter of 2016. She provided you with her notes, but they are missing some information that you need. Her notes show the inventory for Gap was $2.4 billion at the end of the quarter and $2.0 billion at the beginning of the quarter. Net Sales for the quarter were $3.8 billion. Gross Profit was $1.5 billion and Net Income was $204 million. Required: Determine the cost of Goods Sold and Purchases for the third quarter. (Enter your answers in billions rounded to 1 decimal place.) ook int rint rences Cost of Goods Sold Purchases Amount billions billions