Requlred Information [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 5 Allied sold 1,000 of the units iotal cost of $24,000 ). under credit terms 2/10,n/60. T, Te goods co for $16 per unit (invoice total: $16,000 ) to Macy Company May 7 Macy returns 100 units because they goods cost Allied $12,000. restores the units, which cost $1, did not fit the customer's needs (invoice amount: \$1,600). Allied May 8 Macy discovers that 100 units $1,200, to its inventory. gives a price reduction (alla scuffed Dut are still of use and, therefore, keeps the units. Allied the damage. credits Macy's accounts receivable for $800 to compensate for returns, allowances, and any cash for the amount owed on the May 5 purchase; payment is net of