Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $19,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021 ? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021 ? Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $19,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021 ? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.)
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