http/wconnecteducation.com /connect html roblem Solving Assignment - Chapter 5 0 Help Save & Ext Submit Check my work 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 Allied seller products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,00 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,000 of the units in Inventory for $16 per unit (invoice total: $16,000 to Macy Co. under Credit terms 2/10, n/60. The goods cost Allied $12, e. 7 Macy returns 100 units because they did not fit the customer's needs (invoice wount: $1,600). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 100 units are scuffed but are stil1 of use and, therefore, keeps the units. Allied gives a price reduction allowance) and credits Macy's accounts receivable for $800 to compensate for the damage. 15 Allied receives payment from Hacy for the amount owed on the May 5 purchase payment is net of returns, allowances, and any cash discount. Exercise 5-4 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 grass method O a