6.78 red Required information Use the following Information for the Exercises below. The following information aboles to the questions displayed below) Allied Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied seller products May Allied made its first and only purchase of Inventory for the period on My 3 for 2.c units at a price of $11 cash per unit (for a total cost of $22.000). May S Allied sold 1,000 of the units in Ewentory for $15 per unit (vodce total: $15,000) to Nacy Company under credit terms 2/10, 1/60. The goods cast Allied 311,00 Hay 7 Hacy returns to units because they did not fit the customer's needs (wolce amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. Hay 6 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allled gives price reduction allowance) and credits Hacy's accounts recevable for $700 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the day 5 purchases payment is het of returns, allowances, and any cash discount. Exercise 4-7 (Algo) Effects of sales transactions on income statement LO P2 We, The y 7 yrs unts, Hicy puteerde Hey 1 Alert Exercise 4-7 (Algo) Effects of sales transactions on income statement LOP2 Use the above information we were accounts and amount includingosion Swed Se discount Studies IN Cestos Det > 22 De 6.78 red Required information Use the following Information for the Exercises below. The following information aboles to the questions displayed below) Allied Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied seller products May Allied made its first and only purchase of Inventory for the period on My 3 for 2.c units at a price of $11 cash per unit (for a total cost of $22.000). May S Allied sold 1,000 of the units in Ewentory for $15 per unit (vodce total: $15,000) to Nacy Company under credit terms 2/10, 1/60. The goods cast Allied 311,00 Hay 7 Hacy returns to units because they did not fit the customer's needs (wolce amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. Hay 6 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allled gives price reduction allowance) and credits Hacy's accounts recevable for $700 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the day 5 purchases payment is het of returns, allowances, and any cash discount. Exercise 4-7 (Algo) Effects of sales transactions on income statement LO P2 We, The y 7 yrs unts, Hicy puteerde Hey 1 Alert Exercise 4-7 (Algo) Effects of sales transactions on income statement LOP2 Use the above information we were accounts and amount includingosion Swed Se discount Studies IN Cestos Det > 22 De
