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Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $12,000 and

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $12,000 and its retail value was $16,000. Information for 2024 and 2025 is as follows: Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024 ? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method

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