You are an assistant manager at a small consulting firm. You ask one of the employees that works for you to drop off a package at the post office after work on Tuesday. The post office is right on his way home, but it is very out of the way for you. The package is especially important, and it must arrive at its destination by the following day: Wednesday, at noon. The package has a document that will be discussed at an important meeting with business partners that will only be in town for one day. Although you will not be at the meeting, your manager and the CEO will be in attendance and both of them have entrusted you with making sure that the package arrives.

You find out on Wednesday afternoon that the package never arrived. You are responsible for the mistake.

What do you do?

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.