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 mode its first and only purchase of inventory for the period on May 3 for 2,000 units at a prlee of $10 cash per unit (for a total cost of $20,000 ). May 5 M1lied sold 1,500 of the units in inventory for $14 per unit (invoice totali $21,000 ) to Macy Company under eredit teran 2/10,n/60. The goodn cont A11ied $15,000. May. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: 51,750 ) Aliled restores the units, whieh eost $1,250, to its inventory, May 8 Macy discovers that 200 units are acuffed but are atil1 of use and, therefore, keeps the units. A11ied gives a price reduction (allowance) and crediti Macy'n accounta receivable for $300 to compeniate for the damage. May 15 Allsed receivea payment from Macy for the amount owed on the May 5 purchane; payment is net of returns, allowances, and any cash discount