Required information {The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer of Allied (seller) products. May 3 Allied nade 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, eee of the units in inventory for $14 per unit (invoice total: $14, eee) to Macy Company under credit terms 2/10, n/6e. The goods cost Allied $10,eee. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice anount: $1,408). Allied restores the units, which cost $1,820, to its inventory. May 8 Macy discovers that 180 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 $6ee to compensate for the damage. May 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 Use the above Informations, analyze each transaction by Indicating its effects on the Income statement-specifically, Identify the accounts and amounts (including -or-) for each transaction. Income Statement Components May 3 Increase/Decrease May 5 Increase/Decrease May Increase/Decrease May 8 Increase/Decrease May 15 Increase/Decrease Amount Amount Amount Amount Amount Sales Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit