Required information The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyeri) of Allied (selleri products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2 , 000 units at a price of $8 cash per unit (for a total cost of $16,000 ). May 5 Allied sold 1,000 of the units in inventory for $12 per unit (inwoice total: \$12,000) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $8, 000 . May 7 Macy returns 100 units because they did not fit the customer's needs (inwoice amount: \$1,200). Allied restores the units, which cost $800, to its inventory. May 8 Macy discowers that 100 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 $400 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. epare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross ethod. Journal entry worksheet 24567 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $8 cash per unit (for a total cost of $16,000 ). Note: Enter debits before credits