just 3&4

Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. LIFO Specific identification 1. Assigns the lowest amount to cost of goods sold 2. Precisely matches the costs of items with the revenues they generate 3. Tends to smooth out the erratic changes in costs 4. Assigns the highest amount to cost of goods sold 5 Yields the highest net income FIFO ILIFO Specific identification Weighted average Specific identification LIFO FIFO