Required information Use the following information for the Exercises below. [The following information apples 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 3,660 units at a price of $9 cash per unit (for a total cost of $27 , 060 ). May 5 allied sold 1,566 of the units in inventory for $13 per unit (invoice total: $19 , 560 ) to Macy Company under credit terms 2/16 , n /60 . The goods cost allied $13 , 500 . May 7 Macy returns 156 units because they did not fit the customer's needs (invoice anount: $1 , 950 ). Allied restores the units, which cost $1 , 358 , to 1ts inventory. May 8 Nacy discovers that 150 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 $756 to compensate for the damage. May 15 allied receives paynent from Macy for the amount owed on the May 5 purchase: payment is net of returns, allowances, and any cash discount. Exercise 4-7 (Algo) Effects of sales transactions on income statement LO P2 Use the above informations, analyze each transaction by indicating its effects on the income statement-5pecifically. identify the accounts and amounts (including + or - f for each transaction