Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the Inventory on hand was $12,000 and its retail value was $16,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $26,000 $36,000 Retail Price Index 1.30 1.60 Cost-to-Retail Percentage 788 814 Required: 1. What is the cost-to-retall 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. Required 1 Required 2 Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answer the nearest whole dollar amount.) Ending inventory 2021 2022