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Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2016. On that date,...

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Accounting

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2016. On that date, the cost of the inventory on hand was $20,000 and its retail value was $25,000. Information for 2016 and 2017 is as follows: Ending Inventory Retail Cost-to-Retail Date at Retail Price Index Percentage 12/31/16 $ 35,000 1.25 82 % 12/31/17 42,000 1.40 85 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/16? 2. Calculate the inventory value at the end of 2016 and 2017 using the dollar-value LIFO retail method.

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