LO 10-2 10.5 Projecting Revenues, Cost of Goods Sold, and Inventory. Use the following hypothetical data for Walgreens in 2021 and 2022 to project revenues, cost of goods sold, and inventory for Year +1. Assume that Year +1 revenue growth rate, gross profit margin growth rate, and inventory turnover will be identical to 2022. Project the average inventory balance in Year +1 and use it to compute the implied ending inventory balance. Walgreens (data in millions) Sales revenues Cost of goods sold Ending inventory 2021 $76,392 $54,823 $ 6,076 2022 $103,444 $ 76,520 $ 8,678

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