QUESTION 4 Not complete Points out of 4.00 PFlag question Inferring Transactions from Financial Statements The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Gap's fiscal 2015 annual report. Selected Balance Sheet Data ($ millions) Inventories Accounts Payable 2015 $1,939 $1,823 1,178 1,107 2014 a. The Gap purchased inventories totaling $10,550 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Gap's fiscal year ended 2015. (Assume accounts payable is used only for recording purchases of inventories and all inventories are purchased on credit.) b. What amount did the company pay to suppliers during the year? Record this with the financial statement effects template Use negative signs with answers, if appropriate Balance Sheet Income Statement Noncash Contrib Earned Transaction Cash Asset + Liabilities Revenues Exp penses Net income Assets Capital Capital a. Recognize cost of goods sold. b. Cash paid to suppliers