Canova Corporation adopted the dollar$-$value LIFO retail method on January $1,2024.$ On that date, the cost of the inventory on hand

was $$24,000$ and its retail value was $$32,000.$ Information for $2024$ and $2025$ is as follows:

Required:

What is the cost$-$to$-$retail percentage for the inventory on hand at $\frac{1}{1}\frac{?}{2024}?$

Calculate the inventory value at the end of $2024$ and $2025$ using the dollar$-$value LIFO retail method.

Answer is complete but not entirely correct.

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Required $2$

Calculate the inventory value at the end of $2024$ and $2025$ using the dollar$-$value LIFO retail method.

Note: Round your answers to the nearest whole dollar amount.