Based on the Washington Post article How Obama's Tobacco Tax Would Drive Down Smoking Rates, identify each of the statements as true or false. The Congressional Budget Office (CBO) estimates that a $1.00 per pack tax would reduce smoking by 1.4 million people by 2021. The CDC estimates that doubling the federal tobacco tax would reduce the number of children who smoke by 230,000. The CBO estimates that doubling the federal tobacco tax would reduce the number of adults 40 years old or older who smoke by about 1.5%. The CBO estimates that a higher cigarette tax would have its smallest impact on younger smokers, but the impact would grow with the smoker's age. Intense smokers are defined as people who smoke at least 100 cigarettes a day.

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.