Required information or 2 Use the following information for the Exercises 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 3,e90 units at a price of $8 cash per unit (for a total cost of $24,830) 5 Allied sold 1.500 of the units in inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/18, n/ Allied $12,889 60. The goods cost 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,800). Allied restores the units, which cost $1,200, to its inventory 8 Macy discovers that 158 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $600 toward the original invoice amount to compensate for the damage 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 Exercise 4-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross imethod. (Allied estimates returns using an adjusting entry at each year-end)