Inferring Transactions from Financial Statements Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 634 locations across the U.S. as well as in Canada, the United Kingdom, Japan, Australia, South Korea, Taiwan, Mexico and Puerto Rico. As of its fiscal year-end 2013, Costco had approximately 71.2 million members. Selected fiscal-year information from the company's balance sheets follows. ($ millions).

Selected Balance Sheet Data ($ millions)	2013	2012
Merchandise inventories	$7,894	$7,096
Deferred membership income (liability)	621	550

(a) During fiscal 2013, Costco collected $2,286 million cash for membership fees. Use the financial statement effects template to record the cash collected for membership fees. (b) Costco recorded merchandise costs (that is, cost of goods sold) of $91,948 million in 2013. Record this transaction in the financial statement effects template. (c) Determine the value of merchandise that Costco purchased during 2013. Use the financial statement effects template to record these merchandise purchases. Assume all of Costco's purchases are on credit.

Use negative signs with your answers, when appropriate. Enter answers in millions.

	Balance Sheet
Transaction	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contributed Capital	+	Earned Capital
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Income Statement
Revenue	-	Expenses	=	Net Income
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