1 01:13:45 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 Company 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 3,000 units at a price of $9 cash per unit (for a total cost of $27,000). May 5 Allied sold 1,500 of the units in inventory for $13 per unit (invoice total: $19,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $13,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,950). Allied restores the units, which cost $1,350, to its inventory. May 8 Macy discovers that 150 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 $750 to compensate for the damage. Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. May 15

Requirea intormation 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 Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the perlod on May 3 for 3 , 0eo units at a price of 59 cash per unit (for a total cost of $27,000 ). May 5 Allied sold 1,5e0 of the units in inventory for $13 per unit (invoice total: $19,500 ) to Macy Company under credit terms 2/10,n/6e. The goods cost Allied $13,500. Hay 7 Macy returns 150 units because they did not flt the custoner's needs (involce anounts $1,050 ). Allied restores the units, which cost $1,350, to its inventory. May of Hacy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recelvable for $750 to cospensate for the dansfle. Hay 15 Allied recelves payment from Macy for the onount oured on the Hay 5 purchase; poyment is net of returns. allowances, and any cash discount. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 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 Company is a major customer (ouyer) of Allied (sellen) products. May 3 Allied made its first and only purchase of Inventory for the perfod on May 3 for 3 , obe unlts at a pefice of 59 cash per unit (for a total cost of $27,060 ). May 5 Allled sold 1,500 of the units in imventory for \$13-per unit (inwolce totali $19,500 ) to Hacy Company under credit terms 2/10, N/C0. The goods cost Aliled $13,500. May 7 Macy returns 150 units because, they did not fit the custoner's needs (Livolice abount: 51, 950 ). Allied cestores the units, which cost $1,350, to its inventory. May of Macy discovers that 150 units are seuffed but are still of use and, therefore, keeps the unlts. Allied glves a price reduction (allowance) and credits Hacy's accounts recelvable for $750 to coepensate for the danoge. May 15 Allied recefves payment from Hacy for the asount outd on the May 5 purchases payment is net of returna, al lowances, and any cash discount. 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 Company is a major customer (buyer) of Allied (seller) products. May 3 Allied ande Its first and only purchase of Anventory for the pertad on Hay 3 for 3,000 unfts at a price of s9 cosh per unit (for a total cost of $27,000 ). Hay 5 Allied sold 1,500 of the units in inventory for $13 per unit (involce tot als $39,500 ) to Hacy Conpany under credit terms 2/10,n/60. The goods cost Allied $13,500. May 7 Hacy returns 150 units because they did not fit the custoner's needs (Inyolce ancunti $1,950). Allied restores the units, which cost $1,350, to lts inventory. May \& Macy discovers that 150 units are scuffed but ore still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recelvoble for $750 to conpensate for the danaget. May is Allied recelves poyment from Macy for the abount owed on the Moy 5 purchase; paysent is net of returns, allowences, and any cash disceunt. Requirea intormation 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 Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the perlod on May 3 for 3 , 0eo units at a price of 59 cash per unit (for a total cost of $27,000 ). May 5 Allied sold 1,5e0 of the units in inventory for $13 per unit (invoice total: $19,500 ) to Macy Company under credit terms 2/10,n/6e. The goods cost Allied $13,500. Hay 7 Macy returns 150 units because they did not flt the custoner's needs (involce anounts $1,050 ). Allied restores the units, which cost $1,350, to its inventory. May of Hacy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recelvable for $750 to cospensate for the dansfle. Hay 15 Allied recelves payment from Macy for the onount oured on the Hay 5 purchase; poyment is net of returns. allowances, and any cash discount. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 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 Company is a major customer (ouyer) of Allied (sellen) products. May 3 Allied made its first and only purchase of Inventory for the perfod on May 3 for 3 , obe unlts at a pefice of 59 cash per unit (for a total cost of $27,060 ). May 5 Allled sold 1,500 of the units in imventory for \$13-per unit (inwolce totali $19,500 ) to Hacy Company under credit terms 2/10, N/C0. The goods cost Aliled $13,500. May 7 Macy returns 150 units because, they did not fit the custoner's needs (Livolice abount: 51, 950 ). Allied cestores the units, which cost $1,350, to its inventory. May of Macy discovers that 150 units are seuffed but are still of use and, therefore, keeps the unlts. Allied glves a price reduction (allowance) and credits Hacy's accounts recelvable for $750 to coepensate for the danoge. May 15 Allied recefves payment from Hacy for the asount outd on the May 5 purchases payment is net of returna, al lowances, and any cash discount. 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 Company is a major customer (buyer) of Allied (seller) products. May 3 Allied ande Its first and only purchase of Anventory for the pertad on Hay 3 for 3,000 unfts at a price of s9 cosh per unit (for a total cost of $27,000 ). Hay 5 Allied sold 1,500 of the units in inventory for $13 per unit (involce tot als $39,500 ) to Hacy Conpany under credit terms 2/10,n/60. The goods cost Allied $13,500. May 7 Hacy returns 150 units because they did not fit the custoner's needs (Inyolce ancunti $1,950). Allied restores the units, which cost $1,350, to lts inventory. May \& Macy discovers that 150 units are scuffed but ore still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recelvoble for $750 to conpensate for the danaget. May is Allied recelves poyment from Macy for the abount owed on the Moy 5 purchase; paysent is net of returns, allowences, and any cash disceunt