need help with 13&14

When prices are falling. LIFO will result in: Multiple Cholce higher income and a higher inventory valuation than will FIFO. higher income and a lower inventory valuation than will FIFO. lower income and a lower inventory valuation than will FIFO. lower income and o higher inventory voluation than will FIFO. Exerclse 6.5A (Algo) Allocating costs on the basis of relative market values LO 61 Carvet inc:purchased a bullding and the land on which the bualding as situafed for a total cost of 5883.000 costh. The land was appraised ot $253.862 and the building at $761,588 Required a. What is the accounting term for this type of acquisetion? b. Determine the ampurt of the purchase cost to allocate to the tand and the amount to ablocate to the bulding. c. Woutd the company recognize a gain on the purchase? d. Record the purchase in a horizontat statements model Complete this question by entering your answers in the tabs below. What is the accounting term for this type of acquisition? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs be Determine the amount of the purchase cost to allocate to the land and the intermediate calculations to 2 decimal places and final answers to the nea Complete this question by entering your answers in the tabs below. Would the company recognize a gain on the purchase? 8cos21141 6. Requatiad C