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 made its first and only purchase of inventory for the period on May 3 for 1 , 000 units at a price of $12 cash per unit (for a total cost of $12,e ). May 5 Allied sold 500 of the units in inventory for $16 per unit (invoice tota1: $8,000 ) to Macy Company under credit terns 2/10,n/60. The goods cost Allied $6,000. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $800 ). Al1ied restores the units, which cost $600, to its inventory. May 18 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivabie for \$40o 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 -1 for each transaction