Required information Use the following information for the Exercises below. [The following information appiles to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. Way 3 alliad nade flea firat and only purehage of inventory for the pariod on hay 3 for 2,000 unita at a price of $11 oash per unit (for a total cost of $22,000 ]. Way 5 plliad a pla 1,000 of the unita in invantory far $15 per unle (insoice total: $15,000 ) to Macy company under oredit terms 2/10,D/60. The goode cost Allied $11,000. restoree the units, which cost $1,100, to ite inventory. May 8 Macy digecvers that 100 unite are geaffed bat aze still of use and, therefore, keepe the unite, hllied gives a price reduetion (allowance) and credite Xacy's accounts receivable for $700 to conpensate for the danage. Xay 15 sllied receives paynent fron Nacy for the amount owed on the Xay 5 purchase; paynent is net of retarns, allowances, and any casb discount, Exercise 4-7 (Algo) 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, identify the accounts and amounts fincluding + or for each transaction