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 (49 units at $24,500 each) Units 24 43 Unit Cost $11,550 10,050 Total Cost $ 277,200 432,150 Inventory is valued at cost using the LIFO inventory method. 2. The management, for various reasons, is considering buying 24 additional units before December 31 year-end at $9,550 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 $1,200,500 Cost of goods sold Gross profit Expenses 292,000 Pretax income Ending inventory