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Required information Use the following information for the Exercises below. [The folliowing information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (sellet) products. May 3 Milied made itn tirst and only purohase of inventory for the poriod on hay 3 for 3,000 units at a price of $10 eash per unit (for a total eont of $30,000). May 5 Allied sold 1,500 of the units in itaventory for $14 per unit (isyolee total: $21,000 ) to Macy conpasy under aredit torms 2/10,d/60. The good cost Allied $15,000, May. 7 Macy returne 150 units because they did not fit the euatoner's needs (iavoice anount, $2,100}, Allied reatores the units, which cost $1,500, to it is taventory. May Macy discovers that iso unitn are scuffed but are still of use and, therefore, keeps the units. Allied gives a prifen May is Milied receiven paynest tron Macy for the anount owed an the May 3 purehasel paytent in net of returna, allovanees, and any eash discount. Exercise 4-7 (Algo) Effects of sales transactions on income statement LO P2 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