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 Co, is a majon customer (buyer) of Allied (seller) products. May/3 Allied nade its first and only purchase of inventocy for the period on May 3 for 1,000 units at a price of $12 cash per unit (fon a toto1 cost of $11,000 ). 5. Allied sold 500 of the units in inventory for $15 per unit (involce total 57,500 ) to Macy co. under credit tecins 2/10,n/60. The goods cost Allied $5,500. 7. Macy returns 50 units because they did not fit the custoner's needs (invoice anount; $750 ). Allied restores the units, which cost \$s50, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives paywent from Macy for the amount owed on the May 5 purchase; peyment is net of returns