! Required information Use the following information for the Exercises 6-8 below. (Static) The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of Inventory for the period on May 3 for 2,800 units at a price of $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit invoice total: $21,000) to Macy Co. under credit terns 2/10, n/60. The goods cost Allted $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (Invoice amount: $1,750). Allled restores the units, which cost $1,250, to its inventory. B Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allled gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. 15 Allled receives payment from Macy for the amount owed on the May 5 purchases payment is net of returns, allowances, and any cash discount. Exercise 4-6 (Static) Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Aled assuming it uses a perpetual inventory system and the gross method