Required information The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products, May Allied made its first and only purchase of inventory for the period on May ) for 2,000 units at a price of $10 cash per unit for a total cost of $20,000) 5 Allied sold 1,500 of the units in inventory for $14 por unit (anvoice total: $21.000) to Macy Co. under credit torms 2/10, 1/60. The goods cost Allied $15,000 7 Macy returns 125 units because they did not fit the customer needs (invoice amount: $1.750). Allied restore the units, which cost $1,250, to its inventory. 8 Racy discovers that 200 units are scuffed but are still of use and therefore, keeps the units. Allied gives a price reduction allowance) and credits Macy's accounts receivable for $300 to compensate for the damage 15 Allied receives payment from Macy for the aniount owed on the May 5 purchase payment is net of retorns, allowances, and any cast discount