Question 11 Not yet answered Marked out of 20.00 Flag question Inferring Transactions from Financial Statements Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 488 loca U.S. as well as in Canada, Mexico and Puerto Rico. As of its fiscal year-end 2007, Costco had approximately 50 million members. Selected fiscal-year information f balance sheets follows. ($ millions). Selected Balance Sheet Data ($ millions) 2007 2006 Merchandise inventories $4,879 $4,561 Deferred membership income (liability) 692 584 (a) During fiscal 2007, Costco collected $1,204 cash for membership fees. Use the financial statement effects template to record the cash collected for membership en Ilia (b) In 2007, Costco recorded $56,450 million in merchandise costs (that is, cost of goods sold). Record this transaction in the financial statement effects template. (c) Determine the value of merchandise that Costco purchased during fiscal-year 2007. Use the financial statement effects template to record these merchandise p Assume all of Costco's purchases are on account, and recorded in accounts payable. Use negative signs with your answers, when appropriate. Enter answers in millions. Balance Sheet Income Statement Cash Noncash Contributed Earned Transaction Asset Assets = Liabilities + Capital Capital Revenue - Expenses = Net Income (a (b) (C) sica ...m