In 2013 Macy’s reported cost of goods sold of 16.9 2018 H2 Online ro to Inventor

Question

In 2013 Macy’s reported cost of goods sold of 16.9 2018 H2 Online ro to Inventory Systems Questlon 4 (of 7) value 3.00 points n 2013, Macy's reported cost of goods sold of $16.9 billion, ending inventory for 2013 of $7.9 billion, and ending inventory for the previous year (2012) of $7.6 billion Required: if the cost of inventory purchases was $17.9 billion, what was the cost of shrinkage during 2013? (Enter your answer in billions rounded to 1 decimal place) of billion Hints References eBook & Resources Hint #1 Check my work

Explanation / Answer

Cost of goods sold = Opening inventory + Purchase – Closing Inventory – Cost of Shrinkage

Cost of goods sold = $16.9 billion

Opening inventory= $ 7.6 billion

Purchase= $ 17.9 billion

Closing Inventory= $ 7.9 billion

Cost of goods sold = Opening inventory + Purchase – Closing Inventory – Cost of Shrinkage

16.9 = 7.6 + 17.9 – 7.9 - Cost of Shrinkage

16.9 = 17.6 - Cost of Shrinkage

Cost of Shrinkage = 17.6 – 16.9

Cost of Shrinkage = 0.7 billion

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