Question: Allied M e r c h a n d i s e r s w a s o r g a n i z e

Allied MerchandiserswasorganizedonMay1.MacyCo.isamajorcustomer(buyer)ofAllied(seller)products.
May 3AlliedmadeitsfirstandonlypurchaseofinventoryfortheperiodonMay3for3,000unitsatapriceof$10cashperunit(foratotalcostof$30,000).
May 5 Allied sold1,500oftheunitsininventoryfor$14perunit(invoicetotal: $21,000)toMacyCo.undercreditterms210,n60.Thegoodscost$15,000toAllied.
May 7Macyreturns150unitsbecausetheydidnotfitthecustomersneeds(invoiceamount: $2,100).Alliedrestorestheunits,whichcost$1500,toitsinventory.
May 8Macydiscoversthat150unitsarescuffedbutarestillofuseand,therefore,keepstheunits.AlliedsendsMacyacreditmemorandumfor$900towardtheoriginalinvoiceamounttocompensateforthedamage.
May 15AlliedreceivespaymentfromMacyfortheamountowedontheMay5purchase; paymentisnetofreturns,allowances,andanycashdiscount.

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