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Pacific Company sells electronic test equipment that it acquires from a foreign source. During the...

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Accounting

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
The management, for various reasons, is considering buying 23 additional units before December 31 year-end at $9,530 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.
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