Required information

P$7-4($Algo$)$ Analyzing and Interpreting Income Manipulation Under the LIFO Inventory Method LO$7-2,7-3$

$[$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:

Inventory is valued at cost using the LIFO inventory method.

P$7-4$ Part $1$

Required:

Complete the following income statement summary using the LIFO method and the periodic inventory system.