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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 Lts first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000 ). May 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000 ) to Macy Company under orndit terme 2/10,n/60. The goodn oont a111ed $11,000. May 7 Macy returns 100 units because they did not fit the customer's needs (involce anount: $1,500 ). Allied restores the units, which cost $1,100, to 1 ta inventory. May 8 Macy diteovers that 100 units are scuffed but are still of use and, therefore, keops the units. Ml1iee glves a price reduction (alLowance) and oreditg Macy'g accounta recelvable for $700 to compenate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowancen, and any cash discount. accounts and amounts (including + or ) for each transaction. ction. [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 2,000 unith at a price of $11 cosh per unit (for a total cost of $22,000 ). May 5 Allied sold 1,000 of the units in inventory for $15 per unit (involce total: $15,000 ) to Macy Conpany under credit terms 2/10,n/60. The goods cost Alied $11,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount, \$1,500). A11led restores the units, which cost $1,100, to its inventory. May 8 Macy discovern that 100 units are scuffed but are st111 of use and, therefore, keeps the unita. Allied gives a price reduction (allowance) and oredits Macy' is accounts receivable for $700 to compensate for the damage. May 15 M11ied receiven payment fron Macy for the amount owed an the May 5 purehase; payment is net of returns, allowances, and any cash discount