Please answer the following question in a similar format there are 3 parts to it so please also be sure to answer it fully, and ill be sure to give a thumbs up

I.

• Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $7 cash per unit (for a total cost of $7,000).
• Allied sold 500 of the units in inventory for $11 per unit (invoice total: $5,500) to Macy Company under credit terms 2/10, n/60.
• Record the cost of goods sold.
• Macy returns 50 units because they did not fit the customers needs (invoice amount: $550).
• Allied restores the units, which cost $350, to its inventory.
• Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $150 to compensate for the damage.
• Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

II.

III.

• Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $7 cash per unit (for a total cost of $7,000).
• Allied sold 500 of the units in inventory for $11 per unit (invoice total: $5,500) to Macy Company under credit terms 2/10, n/60. The goods cost $3,500 to Allied.
• Macy returns 50 units because they did not fit the customers needs (invoice amount: $550). Allied restores the units, which cost $350, to its inventory.
• Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $150 to compensate for the damage.
• Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Required Information 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 Company 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 1,000 units at a price of $7 cash per unit (for a total cost of $7,000). May 5 Allied sold 500 of the units in inventory for $11 per unit (invoice total: $5,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $3,588. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $558). Allied restores the units, which cost $35e, to its inventory. May & Macy discovers that se units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $15e to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Exercise 4-6 (Algo) 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 View transaction list Journal entry worksheet