Required: Choose the method of inventory valuation that corresponds to each of the statements that follow: 1. FIFO 2. LIFO 3. Weighted average. 4. Specific identification Matches actual flow of goods with actual flow of costs in most cases Matches old costs with new sales prices Results in the lowest net income in periods of falling prices Matches recent costs with new sales prices Does not assume any particular flow of goods Best suited for situations in which inventory consists of perishable goods Values ending inventory at approximate replacement cost