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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 $17,000 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 $17,000 and its retail value was $20,000. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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

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