Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2021 and 2022 is as follows:

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $21,000 and its retail value was $30,000. Information for 2021 and 2022 is as follows:

	Ending Inventory at Retail			Retail Price Index			Cost-to-Retail Percentage
Date
12/31/2021	$	49,000			1.40		74	%
12/31/2022	$	60,000			1.60		76	%

Required: 1. What is the cost-to-retail 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

What is the cost-to-retail percentage for the inventory on hand at 1/1/2021

Cost-to-retail percentage

%

• Required 1
• Required 2

Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.)

	2021	2022
Ending inventory