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. 7-4 Part 1 equired: Complete the following income statement summary using the LIFO method and the eriodic inventory system