! Required information [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 (52 units at $24,630 each) Units 23 39 Unit Cost $11,600 10,100 Total Cost $ 266,800 393,900 Inventory is valued at cost using the LIFO inventory method. 2. The management, for various reasons, is considering buying 23 additional units before December 31 year-end at $9,600 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. X Answer is not complete. PACIFIC COMPANY Income Statement For the Current Year Ended $ Sales revenue 1,280,760 Cost of goods sold 881,500 X Gross profit Expenses 298,000 Pretax income Ending inventory