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