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 (selier) products. May 3 Allied made its tirst and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,060 ), May 5 Atlied sold 1,500 of the units in inventory for $14 per unit (invoice totali $21,000 ) to Macy Company under credit teras 2/16,n/60. The goods cost Allied $15,000. May 7 Macy returns 150 units because they did not tit the customer's needs (invoice amount! $2,100). Allied restores the units, which cost $1,500, to its inventory. May 8 Macy discovers that 15e units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Hacy's accounts receivabte for s9e0 to coepensate for the danage. May 15 Allied receives paysent froa Macy for the arount owed on the May 5 purchase: paysent is net of returns, allowances, and any cash discount, Exercise 4-6 (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