Indicate the inventory valuation method that is being described for each situation listed. First-In, First-Out (FIFO) Last-In, First-Out (LIFO) Weighted- Average- Cost Specific Identification a. b. Item Can only be used if each inventory item can be matched with a specific purchase and its invoice Will cause the company to have the lowest amount of income taxes Will cause the company to have the lowest amount of cost of goods sold Used for big-ticket items Requires a calculation of unit cost Best used when selling perishable inventory items Assigns a value to inventory that approximates its replacement cost e. 8