E6-4 Inferring Merchandise Purchases lululemon athletica inc. lululemon athletica inc. was founded in Vancouver in 1998, and completed its initial public offering in 2007. It is a well-known designer of and distributor and retailer for its athletic wear "for people living the sweat life." It sells its products in 501 stores in 17 countries and online. Assume that you are employed as a stock analyst and your boss has just completed a review of the new annual report. She provided you with her notes, but they are missing some information that you need. Her notes show that the ending inventory for lululemon in the current year was $405 million and in the previous year was $330 million. Net sales for the current year were $3,288 million. Gross profit was $1,816 million and net earnings were $484 million. For your analysis, you determine that you need to know the cost of sales and the amount of purchases for the year. Required: Explain how you can develop the information from her notes. Show calculations. (Hint: Use the cost of sales equation or the inventory Taccount to solve for the missing values.)
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