SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 9) Match the inventory valuation method from the list below that is being described in each situation in letters a-e. In all cases, assume a period of rising prices FIFO LIFO WA First in, first out Last in, first out eighted average Specific identification a. The method that is used if each inventory item can be matched with a specific purchase and invoice. b. The method that will cause the company to have the lowest income taxes. c. The method that will cause the company to have the lowest cost of goods sold d. The method that will assign a value to inventory that approximates current cost e. The method that will tend to smooth out erratic changes in costs