Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs.
1. The preferred method when each unit of product has unique features that markedly affect cost.
2. Matches recent costs against net sales.
3. Provides a tax advantage (deferral) to a corporation when costs are rising.
4. Yields a balance sheet inventory amount often markedly less than its replacement cost.
5. Results in a balance sheet inventory amount approximating replacement cost.