6 Which inventory valuation method would yield the highest net income in periods of rising prices? O Weighted average O FIFO O None of the answers O Specific identification QUESTION 7 ESG company sold merchandise for $4,000 cash, which has a cost basis of $2,000. The journal entry to record this transaction i O Dr to cash and Cr. to sales: $2,000 Dr to accounts receivable and Cr to sales: $2,000 Dr. to accounts receivable and Cr. to sales, $4,000 Dr. to cash and Cr to sales: $4,000