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

1. Yields a balance sheet inventory amount often markedly less than its replacement cost.

2. Results in a balance sheet inventory amount approximating replacement cost.

3. Provides a tax advantage (deferral) to a corporation when costs are rising.

4. Recognizes (matches) recent costs against net sales.

5. The preferred method when each unit of product has unique features that markedly affect cost.