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 (selleri products. May 3 Allied made its first and only purchase of inwentory for the period on May 3 for 3 , 000 units at a price of $7 cash per unit (for a total cost of $21,000 ). May 5 Allied sold 1,500 of the units in inwentory for \$11 per unit (inwoice total: \$16,500) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (inwoice amount: \$1,650). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discowers that 150 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 $450 to compensate for the damage. May 15 Allied receiwes payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross hethod. Journal entry worksheet 34567 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $7 cash per unit (for a total cost of $21,000 ). Note: Enter debits before credits