Which mission statement best represents the chester company? select: 1 innovation meets revolution. we create value for our customers through breakthrough designs that lead to unique high-performance products. providing value to our customers is why we get up in the morning. we accomplish this by offering products at a low price our customers can afford across a wide variety of market segments. lasting innovation is our motivation. we build premium products that are elegantly designed to meet the needs of a variety of market segments. consistency and affordability are our goals. our central mission is to offer dependable, low-price products that our customers can count on.

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u.s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.