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. Hay3 Allied made its first and only purchase of inventory for the period on May 1 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied cold 1,000 of the units in Inventory for $10 per unit invoice total 516,000) to Macy Co. under credit terns 2/10, 1/60. The goods cost Allied $12,000. 7 Hacy returns 100 units because they did not fit the customer's needs (invoice amount: $1,600). Allied restores the units, which cost $1,200, to its inventory. 8. Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives price reduction allowance) and credits Macy's accounts receivable for 5500 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 Required information ViewSULOUSE Journal entry worksheet