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FederalWay, Incorporated, is a major department store chain. The dominant portion of the company's business...

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FederalWay, Incorporated, is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, FederalWay reported cost of goods sold of $11,575 million, ending inventory for the current year of $3,257 million, and ending inventory for the previous year of $3,650 million. Required: Develop a reasonable estimate of the merchandise purchases for the year. Note: Enter your answers in millions

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