Allied Merchandisers was organized on May 1. Macy Company is a major.pdf
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Allied Merchandisers was established on May 1 and made its first inventory purchase of 2,000 units at $10 each on May 3. On May 5, Allied sold 1,500 units to Macy Company for $14 per unit under credit terms of 2/10, n/60. The total revenue from this sale amounted to $21,000.
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Allied Merchandisers was organized on May 1. Macy Company is a major.pdf
- 1. 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 2,000 units 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 total: $21,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied