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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,0e0 units at a price of $11 cash per unit (for a total cost of $11,9). May 5. Allied sold 500 of the units in inventory for $15 per unit (involce total: 17 . 5ee) to Macy Company under credit tarmi 2/10,n/6e. The coods cost Allied $5,500. May 7 Macy returns 5e units because they did not fit the custoner's needs (invoice anount: 5750 ). Allied restor 2 s the units, which cost $559, to its inventory. May I Macy discovers that 50 units are scuffed but are st111 of use and, therefore, keeps the units. Al1ied gives a price reduction (allewance) and credits Macy's accounts receivable for s3se to conpensate for the danage. Nay 15 Aliled receives payment fron Macy for the amount oned on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Exercise 4-7 (Algo) Etfects of sales transactions on income statement LO P2 Uso the above intormasions, ansyae each transoction by indicating its eftects on the income ststement-specificaly. identiry the accoutts and amounts of picluding + or -f for ench transaction