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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 (buyer) of Allied (seller) products. Kay 3 Allied made its first and only purchaue of inventory for the period on May 3 for 3,000 units at a price of $9 eash per unit (for a total cont of $27,000 ). May 5 . Allied nold 1,500 of the units in inventory for $13 per init (invoice total, $19,500 ) to Macy Company under oredit term 2/10,n/60. The goods cost Aliied $13,500. May 7 Macy returns 150 units because they did not tit the custoner'n peeda (invoice amount: $1,950 ). Al1ied reatores the units, which cost $1,350, to its inventory. May 8 Macy discovers that 150 units are souffed but are still of use and, therefore, keeps the unita. Allied gives a price reduction (allowance) ond credits Macy's accounts roceivable for $750 to compensate for the danage. May 15 Allied receives payment fran Macy for the anount oved on the May 5 purchases payment in net of returna, allowancen, and any cash discount. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Irepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet 5(6I7 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 ). Note: Enter debits before credits. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory syste method. Journal entry worksheet 67 > Allied sold 1,500 of the units in inventory for $13 per unit (involce total: $19,500 ) to Macy Company under credit terms 2/10,n/60. Note: Enter debits before credits