Backstreets Co. recently acquired all of Jungleland Inc.'s net assets in a business acquisition. The cash purchase price was $7.8 million Jungleland's assets and liabilities had the following appraised values immediately prior to the acquisition: land, $2.1 million, buildings, $3.8 million; inventory. $26 million long-term notes payable, for which Backstreets Co. assumes payment responsibilities, $1.9 million Required: How much goodwill will result from this transaction? (Enter your answers in whole dollars.) Goodwill Proponents of the LIFO inventory cost flow assumption argue that this costing method is superior to the alternatives because it results in better matching of revenue and expense Required: a. The recent purchase costs to the Cost of Goods Sold account results in better matching of revenue and expense True False b. What is the impact on the carrying value of inventory in the balance sheet when LIFO rather than FIFO is used during periods of inflation? It understates the value of inventory in the balance sheet It overstates the value of inventory in the balance sheet