Help Save & Exit Submit 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 ou 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 FIFO LIFO Specific identification Weighted average PA G 7:09 PM 40* 1V13/2019 rch