Required Information The following information applies to the questions displayed below! Alied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (eller products May 1111ed nade it that and only purchase of inventory for the period any for 3,000 units at price et $10 cash per unit for a total cost of $20,000) May 3 Alld sold 1,000 of the units in inventory for $14 per unit mice totalt 110,000) to Meey Company under credit teres 2/10, 1/6. The good cont Allied $10,000. Hay 7 Whey returns 100 its because they did not fit the customer's needs invoice o $1,400). Alle restore the units, which cost $3,000, to its inventory Hay Hay discovers that 100 units are red but are sitio we and therefore, keeps the site. Alle give price reduction (allevand credit Macy's receivable for 5600 to come for the age MAY 15 Allied receive payment from Hacy for the amounted on the patches payent to TOUR Glodany can discount Use the above informations, analyze each transaction by indicating its effects on the income statement specifically, Idently the accounts and amounts includingor) for each transaction May May May Income Statement Components May 1 In Dec May Increase Amount Am Amount Sales and allowances Net als Cost of goods sold Gross proht