Question 3 - M5 HW - Connect X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.jhu.edu%252Fwebapps%252Fportal%252... d M5 HW i Saved Help Save & Exit Submit Check my work 3 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.] Part 1 of 3 Pacific Company sells electronic test equipment that it acquires from a foreign source. During the year, the inventory records reflected the following: 10 points Units Unit Cost Total Cost Beginning inventory 20 $11 , 690 $ 233, 800 Skipped Purchases 40 10 , 190 407 , 600 Sales (49 units at $24,590 each) Inventory is valued at cost using the LIFO inventory method. eBook P7-4 Part 1 Print Required: References 1. Complete the following income statement summary using the LIFO method and the periodic inventory system. PACIFIC COMPANY Income Statement For the Current Year Ended Sales revenue Cost of goods sold Gross profit Expenses 294,000 Pretax income Ending inventory Mc Graw Hill