QUESTION 1

Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?

Nov. 01	Inventory	18 units at $21.00
Nov. 04	Sold	11 units
Nov. 10	Purchased	31 units at $20.00
Nov. 17	Sold	23 units
Nov. 30	Purchased	24 units at $20.00

Using the perpetual LIFO system, what is the cost of the merchandise sold for November?

QUESTION 2

The following is the adjusted trial balance for Stockton Company.

Stockton Company Adjusted Trial Balance December 31
Cash	5,448
Accounts Receivable	2,198
Prepaid Expenses	753
Equipment	14,046
Accumulated Depreciation		8,338
Accounts Payable		1,504
Notes Payable		4,781
Common Stock		1,000
Retained Earnings		2,670
Dividends	968
Fees Earned		8,655
Wages Expense	2,143
Rent Expense	700
Utilities Expense	469
Depreciation Expense	166
Miscellaneous Expense	57
Totals	26,948	26,948

Determine the total assets.

QUESTION 3

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.

Accounts Payable	$590		Fees Earned	$2,571
Accounts Receivable	678		Insurance Expense	680
Prepaid Insurance	2,175		Land	2,875
Cash	1,739		Wages Expense	527
Dividends	657		Common Stock	6,170

Prepare a trial balance. The total of the debits is