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Required information 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 Co. 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 cash per unit (for a total cost of $20,000). 5 Allied sold 1,000 of the units in inventory for $14 per unit (invoice total: $14,200) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied Sie, eee. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,400). Allied restores the units, which cost $1,000, to its inventory. B Macy discovers that 100 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 5610 to compensate for the dange. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. aired Information 14.000 Sales 10,000 May 05 Cost of goods sold Merchandise inventory 10,000 1,400 May 07 Sales returns and allowances Accounts receivable 1,400 1,000 May 07 Merchandise inventory Cost of goods sold 1,000 600 May 08 600 Sales returns and allowances Accounts receivable May 15 Cash 1,111 1,111 Sales discounts Accounts receivable 12,000 3 4