Business, 23.09.2021 14:00 maddiemalmstrom

Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 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 2008, Costco had approximately 53.5 million members. Selected fiscal-year information from the company's balance sheets follows. ($ thousands). Selected Balance Sheet Data 20092008
Merchandise inventories $5,039$4,879
Deferred membership income (liability) 748 692
(a) During fiscal 2008, Costco collected $1,562 cash for membership fees. Use the financial statement effects template to record the cash collected for membership fees.
(b) In 2008, Costco recorded $63,503 in merchandise costs (that is, cost of goods sold). Determine the value of merchandise that Costco purchased during fiscal-year 2008. Assume all of Costco's purchases are on credit. Record this transaction in the financial statement effects template

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