Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 762 U.S. and international locations. As of its fiscal year-end 2018, Costco had approximately 94.3 million members. Selected fiscal-year information from the company's balance sheets follows.

Selected Balance Sheet Data ($ millions)	2018	2017
Merchandise inventories	11,040	9,834
Deferred membership income (liability)	1,624	1,498

(a) During fiscal 2018, Costco collected $3,268 million cash for membership fees. (b) Costco recorded merchandise costs (that is, cost of goods sold) of $123,152 million in 2018. (c) Assume all of Costco's purchases are on account, and recorded in accounts payable. Prepare journal entries for transactions in parts a through c (amounts in millions).

	Account	Debit	Credit
a.	CASH	3268
	DEFERRED MEMBERSHIP INCOME		3268
	To record cash received for membership fees during the year.
b.	COST OF GOODS SOLD	123152
	INVENTORY		123152
	To recognize the cost of goods sold.
c.	INVENTORY	?
	ACCOUNTS PAYABLE		?
	To record inventory purchases during the year