at 2 of 2 42 Required information (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 Hay 3 Allled sade its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of cash per unit (for a total cost of $8,000). May Allied sold 500 of the units in inventory for $12 per unit (inview totals $6,000) to Hacy Company under credit terms 2/10, n/60. The goods cost all $4,000, May 1 Mecy returns 50 units because they did not fit the customer's needs invoice amount 36101, Allind restores the units, which coat $450, to its Inventory.) Hay Macy discovers that 50 units are suffed but are all of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $200 to compensate for the damage. May 15 Allied receives payment from Rery for the amount ved on the way 5 purchase payment is not af Use the above informations, analyze each transaction by indicating its effects on the income statement-specifically, identify the accounts and amounts (including or-) for each transaction Income Statement Components May S May T May 8 Amount Increase or Decrease Amount Incor Decrease Anunt Increase Ammun Decrease Dec Sales retums and allowances Cost of goods sold Gross prift Help Save & Exit Check a