Match each description to the appropriate cost flow assumption (Weighted average, FIFO, or LIFO). Produces the same cost of goods sold under both the periodic and the perpetual inventory systems [* ] Rarely used with a perpetual inventory system [* ] LIFO FIFO Weighted average Produces results that are similar to the specific identification method [it ] Widely used for tax purposes [1 ] Never results in either the highest or lowest possible net income [it ] Produces the highest gross profit when costs are decreasing (1 ) Produces the highest ending inventory when costs are increasing [4 ] Assigns the same value to all inventory units [4 ] Prohibited under International Financial Reporting Standards (IFRS) [ ] Does not follow the physical flow of goods in most cases [ ] Cost of the latest purchases are assigned to ending inventory [1 ] Produces the lowest cost of goods sold when prices are increasing [it ]