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 major customer (buyer) of Aled (seller) products, May 3 Allied made its first and only purchase of inventory for the period on May for 3,000 units at a price of $9 cash per unit (for a total cost of $27.600) 5 Allied sold 1,580 of the units in inventory for $13 per unit (invoice total: $19,500) to Macy Co. under credit teras 2/10. /60. The goods Cost Allied $13.500. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,950). Allied restores the units, which cost $1,350, to its inventory. 8 Macy discovers that 150 units are scuffed but are still of use and therefore, keeps the units. Allied sends Macy a credit memorandum for $750 toward the original invoice amount to compensate for the damage 15 Allied receives payment from Macy for the mount oued on the may s purchases payment is not of returns, allowances, and any cash discount Exercise 4.4 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. (Allied estimates returns using an adjusting entry at each year-end.)