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 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (Invoice total: 521,000 ) to Macy Company under dredit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are still of uso ind, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for s3eo to compensate for the dasage. May 15 Allied receives payment from Macy for the anount owed on the May 5 purchase; payoent is net of returns, allowances, and any cash discount