0 Required information Use the following information for the Exercises below. [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 Allied sold seo of the units in inventory for $13 per unit (Invoice total: $6,500) to Macy Co. under credit 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 still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $250 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May S purchase payment is net of returns, allowances, and any cosh discount. Exercise 4.4 Recording sales, sales returns, and sales allowances LO P2 Prepare foumal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method View transaction list > May 3 for 1 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). 2 Allled sold 500 of the units in inventory for $13 per unit (involce total: $6,500) to Macy Co. under credit terms 2/10, 1/60 Record the cost of goods sold. Credit