E6-4 Inferring Shrinkage Using a Perpetual Inventory System [LO 6-2] In fiscal 2015, Madi's reported cost of goods sold (before shrinkage) of $15.6 billion, ending inventory for 2015 of $6.7 billion, and ending inventory for the previous year (2014) of $6.4 billion. Required: If the cost of inventory purchases was $16.5 billion, what was the cost of shrinkage during 2015? (Enter your answer in billions rounded to 1 decimal place.)

E6-4 Inferring Shrinkage Using a Perpetual Inventory System [LO 6-2] In fiscal 2015, Madi's reported cost of goods sold (before shrinkage) of $15.6 billion, ending inventory for 2015 of $6.7 billion, and ending inventory for the previous year (2014) of $6.4 billion. Required: If the cost of inventory purchases was $16.5 billion, what was the cost of shrinkage during 2015? (Enter your answer in billions rounded to 1 decimal place.)

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Description: E6-4 Inferring Shrinkage Using a Perpetual Inventory System [LO 6-2]In fiscal 2015, Madi's reported cost of goods sold (before shrinkage) of $15.6 billion, ending inventory for 2015 of $6.7 billion, and ending inventory for the previous year (2014) o

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

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Problem 9.12E: Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete...

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E6-4 Inferring Shrinkage Using a Perpetual Inventory System [LO 6-2]

In fiscal 2015, Madi's reported cost of goods sold (before shrinkage) of $15.6 billion, ending inventory for 2015 of $6.7 billion, and ending inventory for the previous year (2014) of $6.4 billion.

Required:

If the cost of inventory purchases was $16.5 billion, what was the cost of shrinkage during 2015? (Enter your answer in billions rounded to 1 decimal place.)

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