Business
Accounting
In 2013, Macy’s reported cost of goods sold of $

In 2013, Macy’s reported cost of goods sold of $

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?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

Students also viewed these Accounting questions

Supply the missing dollar amounts for each of the following independent cases: View Answer

The transactions listed below are typical of those involving Amalgamated Textiles and American...... ... American Fashions paid Amalgamated, which settled all amounts owed. Required: 1. Indicate the effect (direction and amount) of each transaction on the Inventory balance of American Fashions. 2.... View Answer

Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system....... ... (a)–(e). 4. Hair World is considering a contract to sell merchandise to a hair salon chain for $ 15,000. This merchandise will cost Hair World $ 10,000. Would this contract increase (or... View Answer

Accounting for Inventory Orders, Purchases, Sales, Returns, and Discounts (Chapters 5 and 6) (1)...... ... October 31, the check dated October 13 had not cleared the bank. How should BSS report this on its October 31 bank reconciliation? Give the journal entry, if any, needed as a result of... View Answer

Distinguish perpetual inventory systems from periodic inventory systems by describing when and how cost of goods sold is calculated when using LIFO. View Answer

Problem 9P from Chapter 14,A First Course in the Finite Element Method View Answer

The following information about the payroll for the week ended December 30 was obtained from the...... ... entries: a. December 30, to record the payroll. b. January 5, to record the employer’s payroll taxes on the payroll to be paid on January 5. Because it is a new fiscal year, all salaries are... View Answer

On January 1, 2009, the Sato Company adopted the dollar-value LIFO method of inventory costing....... ... 2009, the Sato Company adopted the dollar-value LIFO method of inventory costing. The companyâ€™s ending inventory records appear as follows: RequiredCompute the ending inventory for the... View Answer

Q3: A 230V, 50Hz radial distributor is 80m long and has a resistance of 0.0008 Q/m for both supply...... ... cable at distances of 15m, 25m, 10m, and 30m respectively. Calculate the (a)Total current drawn from the supply, (b) Resistance in the cable between each of the load (c) Voltage at load B if... View Answer

Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets...... ... of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the one shown above.c. Prepare the journal entries to record the acquisition of the... View Answer

Find a real general solution. Show the details of your work. (x 2 D 2 - 0.2xD + 0.36I)y = 0 View Answer

Apply the given operator to the given functions. Show all steps in detail. (D 2 - 4.20D + 4.4I/)y = 0 View Answer

Falcon Crest Aces (FCA), Inc., is considering the purchase of a small plane to use in its...... ... of return. 2. Payback period. 3. Net present value (NPV). 4. Recalculate FCA’s NPV assuming the cost of capital is 6 percent. 5. Based on your calculations of NPV, what would you estimate the... View Answer

Managers and accountants often encounter transactions with which they are unfamiliar. Use your...... ... a 30-year mortgage for the remainder. The purchase price is allocated as follows: $100,000 to the land and $200,000 to the building.6 Received an order for $12,000 in services to be provided.... View Answer

In the early part of 2018, the partners of Hugh, Jacobs, and Thomas sought assistance from a local...... ... drawings for 2017 not agree with the compensation allowances provided for in the partnership agreement? c. What journal entries should the partnership have recorded on December 31, 2017? d.... View Answer

On November 15, I. Sellit, a manufacturer of crystalware, mailed to Benny Buyer a letter stating...... ... price of crystal ‘‘A’’ goblets continued to skyrocket. On November 30, Buyer mailed to Sellit a letter accepting Sellit’s offer to sell the goblets. The letter was received by Sellit... View Answer

In the Clean Air Act, Congress allowed California, which has particular problems with clean air,...... ... government? The state governments? Both? Neither? Why? 3. The plaintiffs claimed that they would go bankrupt if they were forced to adhere to the state’s GHG standards. Should they be... View Answer

What is the nature of Lenovo\'s international strategy? Is the firm\'s strategy primarily multidomestic or global? Justify your answer. What advantages does Lenovo derive from the particular international strategy(s) that it pursues? View Answer