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Required Information (The following information applies to the questions displayed below) Alled Merchandisers was organized bn May 1. Macy Company is a major customer (buyer) of Allled (sellen) products. y 3 Allied made Its first and only purchase of inventory for the period on may 3 for 1 , 00e units at a price of sal cash per unit (for a total cost of 28,e00). R0y 5 allied sold 500 of the units in inventory for $12 per unit (involce total: 16 , ece) to racy coepany under credit terns 2/10, n/60. The goods cost Allied \$4, 000 , may 7 racy returns 50 units because they did not fit the custoner's needs (inwoice asount: s6e0). Allied restores the units, which cost 54ee, to its inventory. Way I Macy discovers that sa 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 s2ee to coppensate for the damage. ray 15 Allied receives paynent froa racy for the anount oved on the leay 5 purchase; paynent is net of returns, allemances, and any cash discount. Prepare joumal entries to record the following transoctions for Alled assuming it uses a perpetual inventory system and the gross