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

Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. Answer is complete and correct. 2. 3. 4. 5. Results in the highest cost of goods sold. Yields the highest net income. Has the lowest tax expense because of reporting the lowest net income. Better matches current costs with revenues. Precisely matches the costs of items with the revenues they generate. LIFO FIFO LIFO LIFO Specific identification