The lifo inventory method has been used the fifo inventory

Valman Company is considering purchasing EKC Company. EKC's balance sheet at December 31, 2013, is as follows:

Cash	$56,000	Current liabilities	$64,000
Accounts receivable	74,000	Bonds payable	214,000
Inventory	100,000	Common stock	250,000
Property, plant, and equipment (net)	560,000	Retained earnings	262,000
	$790,000		$790,000

At December 31, 2013, Valman discovered the following about EKC:

No allowance for uncollectible accounts has been established. An allowance of $4,000 is considered appropriate.
The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Valman. The FIFO inventory valuation of the December 31, 2013, ending inventory would be $166,000.
The fair value of the property, plant, and equipment (net) is $680,000.
The company has an unrecorded patent that is worth $100,000.
The book values of the current liabilities and bonds payable are the same as their market values.

Required:

1. Compute the value of the goodwill if Valman pays $1,244,000 for EKC.

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The lifo inventory method has been used the fifo inventory : valman company is considering purchasing ekc company. ekcs balance sheet at december 31 2013 is as

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