Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Alled Merchandisers was organized on May 1. Macy Company is a major customer fbuyes) of Alled (sellen) products. May 3 Altied asde its tirst and only purchase of inventory for the period on May 3 for 2,eee units at a price of $10 cash per unit (for a total cost of 520,000 ). May 5 Allied sold 1,500 of the units in imventory for $14 per unit (invoice totali $21, eve) to Macy Coapasy under credit terns 2/10, n/60. The goods cost atlied $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (involce anount: 31,750 ). Attied restores the units, wich cost 51 , 2se, to its imentory. May in Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Atiled gives a price reduction (allowance) and credits Macy's occounts receivable for 500 to eempensate for the dasage. May is Altied recelves paysent fron Macy for the anount oued on the May 5 purchasei paysent is net of returas, attovances, and any cash discount. Exercise 4-7 (Static) Effects of sales transactions on income statement LO P2 Use the above informations, analyze each transaction by indicating its effects on the income statement-specifically, ldentify the accounts and amounts (ncluding + or - ) for each transoction