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 aade its first and only purchase of inventory for the poriod on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 xl11ed sold 1,000 of the units in inventory for $14 per unit (invoice totali $14,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost 11 ied $10,000. May 7 Macy returns 100 units because they did not fit the customer'n needs (invoice amount: $1,400). Allied restores the units, which cost $1,000, to its inventory. May 8 Macy discovers that 100 units are scuffed but are stili of une and, therefore, keeps the unita. Allied the danager. reduction (allowance) and eredits Macy's accounts receivable for $600 to compensate for May 15 Allied receives paynent fron Macy for the amount owed on the May 5 purchase; payment is net of returns, allownees, and any eash discount