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 units at a price of $10 eash per unit (for a total cost of $20,000 ). Nay 5 Allied sold 1,000 of the units in inventory for $14 per unit (invoice total $14,000 ) to Macy Company under credit teras 2/10,n/60. The goods cont Allied $10,000. May 7 Macy returns 100 units because they did not fit the customer's needs (involce amount: $1,400). Allied rentores the units, which cost $1,000, to its inventory. May 8 Macy discovers that 100 units are acuffed but are stil1 of use and, therefore, keeps the units. Allied qives a price reduction (allowance) and eredits Macy's accounts receivable for $600 to compensate for the dainage. May 15 Allied receives paynent from Macy for the asount owed on the May 5 purehase; paysent is net of returns, allowances, and any eash discount