Pacific Company sells electronic test equipment that it acquires from a foreign source. During the year, the inventory records reflected the following:

	Units	Unit Cost	Total Cost
Beginning Inventory	21	11560	242760
Purchases	43	10060	432580
Sales (49 units at $24,670 each)

Inventory is valued at cost using the LIFO inventory method.

2. The management, for various reasons, is considering buying 21 additional units before December 31 year-end at $9,560 each. Restate the income statement (and ending inventory), assuming that this purchase is made on December 31. Assume the LIFO method and the periodic inventory system are used by the company.

PACIFIC COMPANY

Income Statement

For the Current Year Ended

Sales Revenue	?
Costs of Good Sold	?
Gross Profit	?
Expenses	298,000
Pretax Income	?
Ending Inventory	?