Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs 1. Assigns the lowest amount to cost of goods sold 2. Mimics the actual flow of inventory. 3. |Yields the lowest gross profit. 4. Tends to smooth out the erratic changes in costs. 5. Matches the cost of items exactly with the revenues they generate. FIFO Specific identification Weighted average LIFO