The lettered items in the list below represent inventory costing methods. For each of the following statements, identify the method which the statement best describes. a. Specific identification b. Weighted-average c. First-in, first-out (FIFO) d. Last-in, first-out (LIFO) ____________ 1. Best representation of actual flow of physical goods. ____________ 2. Results in lowest income-tax expense during periods of rising prices. ____________ 3. Inventory and cost of goods sold are valued at the same unit cost. ____________ 4. Results in the most realistic balance sheet valuation. ____________ 5. Assumes that each item of inventory is identifiable.