In the year ended February 2, 2019, Macy's reported cost of goods sold (before shrinkage) of $15.2 billion
In the year ended February 2, 2019, Macy's reported cost of goods sold (before shrinkage) of $15.2 billion; February 2, 2019 Inventory of $5,3 billion; and ending inventory for the previous year (February 3, 2018) of $5,2 billion.
Required :
If the cost of inventory purchases was $15.5 billion, what was the cost of shrinkage during the year ended February 2, 2019? (Enter your answer billions rounded to 1 decimal place.)
Homework Answers
Ending inventory (2018) = beginning inventory (2019)
CGS = BI + P - EI
For this question: EI = BI + P - CGS
EI = 5.2B + 15.5B - 15.2B
EI = 5.5B
Shrinkage = EI (prior to shrinkage adjustment) - EI, as reported (after shrinkage adjustment)
Shrinkage = 5.5B - 5.3B
Shrinkage = 0.2 billion
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In the year ended February 2, 2019, Macy's reported cost of goods sold (before shrinkage) of $15.2 billion
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