Identify the inventory costing method best described by each of the following separate statements. l02 Assume a period of increasing costs.

1. The preferred method when each unit of product has unique features that markedly affect cost.

2. Matches recent costs against net sales.

3. Provides a tax advantage (deferral) to a corporation.

4. Yields a balance sheet inventory amount often markedly less than its replacement cost.

5. Results in a balance sheet inventory amount approximating replacement cost.