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Required information Use the following information for the Exercises below. [The following information applies to...

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Accounting

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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 1 ts first and only purchase of inventory for the period on May 3 for 2,000 unitg at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1, 500 of the units in inventory for $14 per unit (invoice totalt $21,000) to Macy Company under credit termn 2/10,n/60. The goods cont 811 ied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice anounti $1,750 ). Allied restoren the unite, which cost $1,250, to ita inventory. May 8 Macy discovers that 200 units are scuffed but are stil1 of use and, therefore, keepa the unita, Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Mllied recelves payment from Macy for the amount owed on the May 5 purchase; payment ia net of returns, allowances, and any cash discount. Reauired information

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