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: Beginning inventory Purchases Sales (49 units at $24,580 each) Units 24 39 Unit Cost $11,520 10,020 Total Cost $ 276,480 390,780 Inventory is valued at cost using the LIFO inventory method. P7-4 Part 2 2. The management, for various reasons, is considering buying 24 additional units before December 31 year-end at $9,520 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 Cost of goods sold Gross profit Expenses 294,000 Pretax income Ending inventory