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Required information Use the following information for the Exercises below. TThe 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. 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 s1e cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1, 000 of the units in inventory for $14 per unit (invoice total: $14,000 ) to Macy Company under credit terms 2/10,n/60, The goods cost Allied $10,000. May 7 Macy returns 160 units because they did not fit the customer's needs (invoice anount: $1,400 ). Al11ed restores the units, Wuch cost $1,e00, to 1t5 inventory. May \& Macy discovers that 100 units are scuffed but are st111 of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Mecy's accounts receivable for $60 to coepensate for the damage. May 15 Allied recelves payment froe Macy for the anbunt oned on the May 5 purchase; payment is net of returns, alloyances, and any cash discount. Exercise 4.7 (Algo) Effects of sales transactions on income statement LOP2 Use the above informations, analyze each transacuon by indicating its effects on the income statement-specifically, identify the bccounts and amounts (including * or - ) for eoch transaction. Exercise 4-7 (Algo) Effects of soles transactions on income statement LO P2 Use the ebove nformmtions, arslyze eech vartaction by indicating its effects on the ncome statementispecificalfy iopntify the accoumts and amounts (including + or - for eact troqsocbion