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.

Assigns the lowest amount to cost of goods sold.

Cost of goods sold approximates its current cost.

Precisely matches the costs of items with the revenues they generate.

Tends to smooth out the erratic changes in costs.

Yields the highest net income.