Complete each of the following statements by writing the appropriate words in the Answers column. The party purchasing a company's receivables is called a(n) If the amount of cash overages for a period is less than the amount of cash shortages, the balance in the account Cash Short or Over will be a (answer debit or credit) If the account Cash Short or Over has a debit balance at the end of the period, the balance would be reported on the income statement as (answer expense or income) During a period of consistently falling prices, the method (FIFO or LIFO) that will result in reporting the greater gross profit is Beginning inventory, purchases, and sales of a commodity are presented below: Assuming that the perpetual inventory system is used, the cost of the inventory balance on July 31 by the FIFO method is Based on the data in Question 2, the cost of the inventory balance on July 31 by the LIFO method is Summarized data on sales and merchandise available for sale are as follows: The estimated cost of the merchandise inventory on June 30 by the retail method is Summarized data on sales and merchandise available for sale are as follows: If the estimated rate of gross profit is 30%, the estimated cost of the merchandise inventory on April 30 is The following lots of a particular commodity were available for sale during the year: Based on the periodic system, the total cost of the 25 units in inventory at the end of the year, according to the first-in, first-out method, is Based on the date in Question 6, the total cost of the 25 units in inventory by the last-in, first-out method is Based on the data in Question 6, the total cost of the 25 units in inventory by the average cost method is