Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. 1. Yields the highest net income. 2. Tends to smooth out the erratic changes in costs. 3. Results in the highest cost of goods sold. 4. Precisely matches the costs of items with the revenues they generate. 5. Cost of goods sold approximates its current cost. LIFO Weighted average Specific identification FIFO