In fiscal 2020, assume that HBC reported Cost of Goods sold of $11,571 million, Ending Inventory for the current year of $3,259 million, and Ending Inventory for the previous year (2019) of $3,641 million. Required: If you knew that the cost of inventory purchases was $11,289 million, could you estimate the cost of shrinkage during the year? (Enter your answer in millions - no need to add 6 zeros after your number as these numers are already in millions.)

Answer rating: 100% (QA)

To estimate the cost of shrinkage during the year we can use the followi... View the full answer