P7-4 Analyzing and Interpreting Income Manipulation Under the LIFO Inventory Method L07-2, 7-3 The following information applies to the questions displayed below Pacific Company sells electronic test equipment that it acquires from a foreign source. During the year, the inventory records reflected the following: Beginning inventory Purchases Units 23 43 Unit Cost $11,680 10,180 Total Cost 268,640 437,740 Sales (48 units at $24,500 each) Inventory is valued at cost using the LIFO inventory method