0 Required information The following information applies to the questions displayed below. Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $9 cash per unit (for a total cost of $9, 000) 5 Alied sold 500 of the units in inventory for S13 per unit (invoice total: S6,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $4, 500 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $650). Allied restores the units, which cost $450, to its inventory 8 Macy discovers that 50 units are scuffed but are stil1 of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $250 toward the original invoice amount to compensa the damage 15 Allied receives payment from Macy for the amount owed on the returns, allowances, and any cash discount. te for May 5 purchase; payment is net of Prepare journal entries to record the following transactions for Allied assuming it uses method (Allied estimates returns using an adjusting entry at each year-end.) a perpetual inventory system and the gross