Question:
JCPenney Company, Inc., is a major retailer with department stores in 49 states and Puerto Rico. The main part of the companyAc€?cs business consists of providing merchandise and services to consumers through department stores. In 2010, JCPenney reported cost of goods sold of $10,799 million, ending inventory for the current year of $3,213 million, and ending inventory for the previous year (2009) of $3,024 million. Assume the cost of inventory purchases was $11,289 million, estimate the cost of shrinkage during the year. (Enter your answer in millions.)