Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2016. On that date, the cost of the inventory on hand was exist18,000 and its retail value was exist24,000. Information for 2016 and 2017 is as follows: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/16? 2. Calculate the inventory value at the end of 2016 and 2017 using the dollar-value LIFO retail method. 2016 2017 Ending inventory