Required information P7-4 (Algo) Analyzing and Interpreting Income Manipulation Under the LIFO Inventory Method LO7-2, 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. P7-4 Part 2 2. The management, for various reasons, is considering buying 21 additional units before December 31 year-end at $9,650 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