Write the letter of the method that is most applicable to each statement.

a. Specific identification

b. Average cost

c. First-in, first-out (FIFO)

d. Last-in, first-out (LIFO)

_______ 1. Is the most realistic ending inventory

_______ 2. Results in cost of goods sold being closest to current product costs

_______ 3. Results in highest income during periods of inflation

_______ 4. Results in highest ending inventory during periods of inflation

_______ 5. Smooth