Required information Use the following information for the Exercises below. [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. Hay 3 Allied nade its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $5 cash per unit (for a total cost of 524,000 ). May 5 Allied sold 1 , 5e0 of the units in inventory for $12 per unit (Invoice total; \$18, ee0) to Macy Conpany under credit terms 2/10, , /60. The goods cost Alifed $12,000. Moy 7 Kacy return 150 uaits because they did not fit the custoner's needs (invoice amount: $1,800 ). Allied restores the units, which cost 51,200 , to its inventory. Hay 8 Macy discovers that ise units are scuffed but are still of use end, therefore, keeps the units. A111ed gives a price reduction (allowonce) and credits Macy's accounts receivable for $600 to coopensate for the danage. May 15 Allied recelves paynent froo llocy for the anount ouned on the May 5 porchase: paynent is net of returns. allowances, asid any cash discount. Exercise 5.6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method: Journal entry worksheet (2) (3) 5 (4) 567 Alied made its first and only purchase of inventery for the period on May 3 for 3,000 units at a price of $8 cash per unit (for a total cost of $24,000 ). Noter Enter debis bafore credits