!. Pip's Puppy Company uses the Perpetual Inventory Method when accounting for their INVENTORY Transactions.... When...

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!. Pip's Puppy Company uses the Perpetual Inventory Method when accounting for their INVENTORY Transactions.... When making sales...they always sell their INVENTORY on Account (Receivable) and offer their customers the following Sales Discount opportunities: 3/10, Net 30. On Nov 1st, Pip has a Beginning Balance in INVENTORY of $12,350...and during November completed the following transactions: 1. Pip purchases $14,750 of Inventory from Noelle's Napkin Company on account, terms 2/10, net 30 FOB Destination. 2. Pip pays UPS $425 for the delivery of the goods from Noelle. 3. Pip makes a Sale of Inventory to Keira's Kite Company for $10,000 terms FOB Destination and the inventory cost $6,200. 4. Pip pays $350 for the shipment of goods to Keira. 5. Pip returns $3,850 of Inventory back to Noelle. 6. Pip sells Inventory to Glenny's Glass Company for $18,500, cost $8,900. Terms FOB Shipping Point. 7. Keira returns $5,000 of the Inventory she purchased prior in transaction # 3, cost $2,100. 8. Pip pays Noelle for the Inventory purchased in transaction #1 within the discount period. 9. Keira pays Pip within the discount period. 10. Glenny returns Inventory purchased in transaction # 6 of $6,200 Cost $3,200. REQUIRED: a. Record the Journal entries for the Month of November for Pip b. What is the ending Balance in Inventory? c. What is the ending balance in Cost of Goods Sold? d. What is Net Sales? !. Pip's Puppy Company uses the Perpetual Inventory Method when accounting for their INVENTORY Transactions.... When making sales...they always sell their INVENTORY on Account (Receivable) and offer their customers the following Sales Discount opportunities: 3/10, Net 30. On Nov 1st, Pip has a Beginning Balance in INVENTORY of $12,350...and during November completed the following transactions: 1. Pip purchases $14,750 of Inventory from Noelle's Napkin Company on account, terms 2/10, net 30 FOB Destination. 2. Pip pays UPS $425 for the delivery of the goods from Noelle. 3. Pip makes a Sale of Inventory to Keira's Kite Company for $10,000 terms FOB Destination and the inventory cost $6,200. 4. Pip pays $350 for the shipment of goods to Keira. 5. Pip returns $3,850 of Inventory back to Noelle. 6. Pip sells Inventory to Glenny's Glass Company for $18,500, cost $8,900. Terms FOB Shipping Point. 7. Keira returns $5,000 of the Inventory she purchased prior in transaction # 3, cost $2,100. 8. Pip pays Noelle for the Inventory purchased in transaction #1 within the discount period. 9. Keira pays Pip within the discount period. 10. Glenny returns Inventory purchased in transaction # 6 of $6,200 Cost $3,200. REQUIRED: a. Record the Journal entries for the Month of November for Pip b. What is the ending Balance in Inventory? c. What is the ending balance in Cost of Goods Sold? d. What is Net Sales?