Could I get some help on correct answers and brief explanation on why its correct answer, please and thank you

Vhich of the following statements is TRUE when applying the lower-of-cost-ornarket rule to inventory? Market is defined as replacement cost unless it exceeds the ceiling or is less than the floor. Both potential losses and gains are recognized earlier in the period when the loss is estimated. This rule applies to inventory when the FIFO cost flow assumption is used. Market is always defined as the selling price of the inventory without adjustments. Which of the following statements is true in regards to a comparison between the ross method and net method when accounting for purchase discounts? The gross method will yield higher cost than the net method if the customer pays within the discount period. The net method is less favorable because it is not apparent if a company does not pay within the discount period. Only the net method can be used in accounting for purchase discounts. The gross method is more frequently used in accounting practice for purchase discounts. A builder enters into a contract with a customer to redesign and update an office buidling for an agreed upon contract price of $2,400,000 and construction is estimated to take three years at a total estimated cost of $2,000,000. Assuming costs may fluctuate over the 3-year construction period. Which statement is most accurate regarding revenue recognition for this contract? The builder should recognize revenue over time using the cost-to-cost (percentage of completion) method. The builder should wait to recognize revenue until the full construction is complete at the end of the three year period. The builder should recognize recognize revenue across the three year construction period as they collect cash payments. The builder should recognize all revenue for the contract at the start of construction when the contract is initially signed