Question

In 2013, Macy’s reported cost of goods sold of $16.5 billion, ending inventory for 2013 of
$5.3 billion, and ending inventory for the previous year (2012) of $5.1 billion.
Required:
If the cost of inventory purchases was $16.9 billion, what was the cost of shrinkage during 2013?

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Inventory Valuation

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Please assist with : S-13 requirement #1

A: Given: Amount paid by Decca publishing = $ 230,000 Amount of total assets = $ 130,000 Amount of tota...

Q: Hello question is attached, thanks.

A: Definition:  Differential analysis: Differential analysis refers to the analysis of differential re...

Q: Why is the audit of revenue recognition riskier for a new company

A: According to the GAAP, the companies should not claim any revenue until they have provided the custo...

Q: If you are the CEO and you give your employees a bonus at the end the year, according to their net i...

A: The weighted-average cost flow supposition that is a costing strategy that is utilized to allot expe...

Q: Why might a business prefer a note receivable to an account receivable?

A: An account receivable is a simple promise to repay the seller done by customer which is due as a res...

Q: Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of goodssol...

A: Journal entries for part 1, 2 and 3 were as follows:

Q: Entries into T Accounts and Trial Balance Connie Young, an architect, opened an office on October ...

A: CASH   Connie young - capital    1.                   $39,700 2.                           $4,000...

Q: The problem gives me total costs for materials and labor. Can you tell me the cost per materials and...

A: Since the student has specifically asked for cost of material and labour per unit to be calculated, ...

Q: Accounting Question

A: Since the second question that is posted below in the image looks incomplete, we have answered the f...

Q: what is a condensed income statement

A: Definition: Financial statements: Financial statements are condensed summary of transactions communi...

Q: Scan House, a large campground in southern Florida, adjusts its accounts monthly. Most guests of the...

A: Adjusting entries are the entries recorded at the end of the accounting period, mainly on the last d...

Q: How can effectively managing receivables benefit a company?

A: Accounts receivable turnover ratio: Accounts receivable turnover is a liquidity measure of accounts...

Q: Consider zagol manufacturing which is engaged in the manufacturing of product ABC. To produce one un...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Briefly discuss the features of activity based costing system?

A: Activity-Based Costing System: ABC costing system can be defined as the accounting method which reco...

Q: Taryn would like to open a new business as an interior designer, to funds her ambition she sold some...

A: Introduction: As per Income Tax Act ,1977 – Australia, Capital Gain Tax (CGT) will be applicable on ...

Q: Below are four scenarios for a local Midas Muffler shop for the month of December.Scenario 1: On Dec...

A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an ac...

Q: Horizontal analysis examines trends in a company a. Between income statement accounts in the same ye...

A: Horizontal analysis of financial statements: In horizontal analysis of financial statement, the amo...

Q: Assume that Yelp decides to launch a new website to market discount bookkeeping services to consumer...

A: Return on Equity (ROE) represents the company’s profitability over the owner’s capital. It can be ca...

Q: Additional information: 1) Cheque no.CQ221 is now stale and must be cancelled.   2) The bank has rec...

A: Bank Reconciliation Statement is prepared to know the difference in amounts between the bank pass bo...

Q: Question 3. Choose the best piping systems as shown in the table below using Annual Worth method (MA...

A: AW Analysis: The annual value of all expected receipts (incomes) and disbursements (cost) during the...

Q: On December 31, Strike Company has decided to discard one of its batting cages. The equipment had an...

A: Answer:   Option d

Q: Advice the capital tax gain consequences for the above transaction 1. Taryn sold a sculpture for $6,...

A: Definition: As per Income Tax Act,1977 – Australia, Capital Gain Tax (CGT) will be applicable on Col...

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Unearned Revenue of$5,000 and ...

A: Adjusting entries: Adjusting entries are also known as adjusting journal entries, they are recorded ...

Q: CAPBS Inc. enters into a lease agreement to acquire the use of a piece of machinery forfour years be...

A: Since you have posted a question with multiple sub-parts, we will solve first three sub- parts for y...

Q: The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears belo...

A: Please note: Since you have posted a question with multiple sub-parts, we will solve the first three...

Q: On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finan...

A: Journal entries would be recorded as stated below.

Q: Boots, Inc. is a “C” corporation engaged in the show manufacturing business. Boots is a Calendar yea...

A: Since there are multi sub parts in one question, calculation will be given for first three sub parts...

Q: On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five...

A: 1. 200 percent declining-balance: It means 200% or 2X of Straight-Line Method Rate Therefore, Deprec...

Q: Explain an example how to record the purchase of debt investment.

A: When a debt investment is purchased , it is recorded as a asset in the books of the company as it is...

Q: (Learning Objective 2: Calculate days’ payable outstanding) The balance of LandyCorporation’s accoun...

A: Calculate average accounts payable: Average accounts payable = (opening accounts payable + ending ac...

Q: How is the accounting for a purchase of a company’s own stock (treasury stock) different from the pu...

A: A company’s stock is the shares a company holds or the shares on which a company has its ownership t...

Q: Define cash and cash equivalents and indicate the types ofitems that should be reported as cash and ...

A: Cash and cash equivalents refer to the line item on the balance sheet that reports the value of a co...

Q: Mcdonaugh Corporation issued $250,000 of 5%, 10-year bonds payable onJanuary 1, 2019. The market int...

A: Bonds Payable: Bonds payable is a liability account that contains the amount owed to bondholders by ...

Q: Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that operates around Mt Hotham in Victor...

A: Definition: Tax is the liability of an individual or an organization over their income which is the ...

Q: Define Bad Debt Expense (Doubtful Accounts Expense, Uncollectible Accounts Expense, Provision for Un...

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from extendin...

Q: Rent Expense is increased by $1,050, and Cash is decreased by $1,050.  Advertising Expense is increa...

A: 1. Rent Expense is increased by $1,050, and Cash is decreased by $1,050 It means transaction would b...

Q: Fundamental Principles (Comprehensive). In each of the following, identify which ofthe elements of t...

A: a) Responsibility Principle: It is the duty of an auditor to make appropriate competence and capabil...

Q: distinguish between dilutive and antidilutive securities, and describe the implications of each for ...

A: Diluted Securities are the financial instruments that can be converted into common stock and may res...

Q: New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery oven...

A: Straight line depreciation is a typical technique for depreciation where the estimation of fixed ass...

Q: The cost of equity is ________. Group of answer choices A. the interest associated with debt B. t...

A: Cost of equity: Cost of equity is the percentage amount of dividend and growth to the paid to the sh...

Q: c. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office ...

A: Adjusting entries are considered as the changes to the already recorded journal entries. It helps to...

Q: For a company like Best Buy, what does the balance of Cost of Goods Sold in the income statement rep...

A: Click to see the answer

Q: What is the relationship between sample size and (a) sampling risk, (b) tolerable rate of deviation,...

A: Click to see the answer

Q: What is the purpose of the Income Summary account?

A: Click to see the answer

Q: 1.Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it in $1,500 on December 1994. Giv...

A: Introduction: s per Income Tax Act ,1977 – Australia, Capital Gain Tax (CGT) will be applicable on C...

Q: For investments in available-for-sale debt securities, how are unrealized (holding) gains and losses...

A: Any unrealised holding gains and losses for trading debt securities must be included in the net inco...

Q: Define Installment sales

A: Instalment sale: It is one of a few potential income acknowledgments approaches under the Generally ...

Q: How should an accounting professional go about determining whether a proposed action is in the publi...

A: Click to see the answer

Q: Financial Statements Jose Loder established Bronco Consulting on August 1, 2019. The effect of each ...

A: Bronco consulting     Income statement      For the Month ended August 31,2019             $...

Q: What are the advantages and disadvantages of extendingcredit to customers?

A: Extending credit to customers means purchase of goods and services on credit terms and payment will ...