Required information [The following information applies to the questions displayed below] Alled Merchandisers was orgarized on May 1. Mocy Company is a major customer (buyer) of Allied (seller) products: Hay 3 Atuke sade its first and only porchase of imventory for the period on May 3 for 2, 0ee units at a price of 510 cash per unit (for a total cost of 520,000). May. 3 Allied sold 1,580 of the units in inventory for $14 per unit (invoice total: 521,0e ) to Macy Company onder credit terns 2/10, 1/60. The goods cost Allied $15,600. May 7 Macy returns 125 anits because they did not fit the custoner's needs (invoice amount: 51,750 ). AL11ed. restares the units, which cost 51,250 , to its inventory. May is Macy discovers that 2ed units are scuffed but are stili of use and, therefore, keeps the units. Allied gives a price ceduction fallowance) and credits Macy's accounts receivable for $300 to conpensite for the danage. Hoy 15 Altied rectives payent fros Hacy for the anount owed on the May 5 purfhase; paynent is net of returms, attovances, and any cash discount