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 perfad of Hay 3 for 2 ,ebs usits at a price of 34 cash per unit (for a total cost of $16,000 ). Hay 3 Allied sold 1 , e90 of the unlts in inventory foe $12 per unit (involce totals $12, evo) to Macy conpany under credit tecms 2/10,n/60. The goods cost Allied 58,600 . Nay 7 Macy returns 100 units becouse they did not fht the custoner"s needs (invoice apount $1,200). Allied restores the units, which. cost \$Bog, to its Inventory. May 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the unfts. Al1ied gives a price reduction (allowance) and credits. Macy's accounts receivable for: sape to coppensate for the dapage. May 15 Alied recelves payment from Hecy for the amount owed on the Hay 5 purchase; payment is net of eeturns. allowances, and any cosh discount. Srepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross nethod Journal entry worksheet Allied restores the units, which cost $800, to its inventory