Identify the inventory costing method (SI, FIFO, LIFO, or WA) best described by each of the following separate statements. Assume a period of increasing costs. 1. Tends to smooth out the erratic changes in costs 2. Precisely matches the costs of items with the revenues they generate. 3. Yields the highest gross profit 4. Results in the highest cost of goods sold. 5. Mimics the actual flow of inventory for most businesses