Assume that in 2019 Costco's Executive Members redeemed rewards for a total value of $175 (millions). How mich did the company did the company accrue for member rewards in 2019? What was the effect of the layalty scheme on Costco's 2019 revenues? Explain.

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Assuming Costco's Executive Members redeemed the total of 175$ (millions), how much did the company accrue for member rewards in 2019? What was the effect of loyalty scheme on 2019 revenues?

COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 52 Weeks Ended September 1, 2019 52 Weeks Ended September 2, 2018 53 Weeks Ended September 3, 2017 $ $ $ 149,351 3.352 152,703 138.434 3.142 141,576 126,172 2.853 129,025 132.886 14.994 86 4.737 123,152 13,878 68 4.400 111.882 12.950 82 4,111 REVENUE Net sales Membership fees Total revenue OPERATING EXPENSES Merchandise costs Selling general and administrative Preopening expenses Operating income OTHER INCOME (EXPENSE) Interest expense Interest income and other, net INCOME BEFORE INCOME TAXES Provision for income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COSTCO NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO Basic Ded Shares used in calculation (000) Basic Ded (150) 178 4.765 1.061 3,704 (45) 3,659 (159) 121 4,442 1.263 3.179 (45) 3.134 (134) 62 4,039 1,325 2714 (35) $ $ 2.679 6.11 8.32 8.26 7.15 7.09 5 5 0.00 439.755 442.023 438,515 441.834 438,437 440.007 CONSOLIDATED BALANCE SHEETS (amounts in millions, except par value and share data) September 1 2019 September 2, 2018 ASSETS $ 8,384 1,060 1.535 11,395 1,111 23,485 6,055 1,204 1.689 11,040 321 20.289 CURRENT ASSETS Cash and cash equivalents Short-term Investments Receivables net Morchandise inventories Other current assets Total current assets PROPERTY AND EQUIPMENT Land Buildings and improvements Equipment and factures Construction in progress 6,417 17,138 7.801 1.272 32,626 (11.736) 20,890 1,025 45.400 6.193 16,107 7,274 1,140 30,714 (11.033) 19.681 860 40,830 $ $ $ Loss accumulated depreciation and amortization Net property and equipment OTHER ASSETS TOTAL ASSETS LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Current portion of long-term debt Other current liabilities Total current abilities LONG-TERM DEBT, excluding current portion OTHER LIABILITIES Total abilities COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.01 par value: 100,000,000 shares authorized no shares ud and outstanding Common stock $0.01 par value: 900.000.000 shares authorized; 439,625,000 and 438.189.000 shares issued and outstanding Additional paid in capital Accumulated other comprehensive los Rotained coming Total Costco stockholders' equity Nonconting interests Total equity M.679 3,176 1,180 1,711 1,699 3.792 23 237 5,124 1,455 29,816 11,237 2,994 1.067 1.624 90 2,924 19,928 6.487 1,314 27.727 0 0 6.417 (1.436) 10.258 15.243 6,107 (1,199) 7,887 12.799 304 13.103 15,584 45.400 40.630 TOTAL LIABILITIES AND EQUITY Excerpts from Costco's revenue recognition policy: Revenue Recognition The Company recognizes sales for the amount of consideration collected from the member, which includes gross shipping fees where applicable. and is net of sales taxes collected and remitted to government agencies and returns. The Company reserves for estimated returns based on historical trends in merchandise returns and reduces sales and merchandise costs accordingly. The Company records, on a gross basis, a refund liability and an asset for recovery, which are included in other current liabilities and other current assets, respectively, in the consolidated balance sheets Merchandise Sales - The Company offers merchandise in the following core merchandise categories: food and sundries, hardlines, softlines, and fresh foods. The Company also provides expanded products and services through warehouse ancillary and other businesses. The majority of revenue from merchandise sales is recognized at the point of sale. Revenue generated through e-commerce or special orders is recognized upon shipment to the member to the extent there is no installation provided as a part of the contract. For merchandise shipped directly to the member, shipping and handling costs are expensed as incurred as fulfillment costs and included in merchandise costs in the consolidated statements of income. In certain ancillary businesses, revenue is deferred until the member picks up merchandise at the warehouse Deferred sales are included in other current liabilities in the consolidated balance sheets Membership Fees - The Company accounts for membership fee revenue, net of refunds, on a deferred basis, ratably over the one-year membership period. Deferred membership fees at the end of 2019 and 2018 were $1.711 and $1,624, respectively In certain countries, the Company's Executive members quality for a 2% reward on qualified purchases (up to a maximum of approximately $1,000 per year), which does not expire and can be redeemed only at Costco warehouses. The Company accounts for this reward as a reduction in sales, not of the estimated Impact of non-redemptions (breakago), with the corresponding labaty classified as accrued member rewards in the consolidated balance sheets. Estimated breakage is computed based on redemption data For 2010, 2018 and 2017, the net reduction in sales was $1,537, 51,394, and 51281 respectively