Question 7 4 pts Which inventory costing method results in a lower cost of merchandise sold, assuming rising prices? Last In First Out First in First Out No answer text provided. No answer text provided. Question 8 4 pts Assuming rising prices, which inventory costing method is preferred based on income tax consequences? Last in First Out First in First Out No answer text provided. O No answer text provided. Question 9 4 pts In credit terms of 3/15, n/45, the "3" represents the: O number of days in the discount period O full amount of the invoice number of days when the entire amount is due O percent of the cash discount