identify the inventory costing method $($SI$,$ FIFO, LIFO, or WA$)$ best described by each of the following separate statements. assume a period of increasing costs.

$1.$ precisely matches the cost of items with the revenues they generate

$2.$ better matches current costs with revenues

$3.$ yields the highest net income

$4.$ tends to smooth out the erratic changes in costs.

$5.$ inventory on the balance sheet approximates its current cost