Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $32,000 and its retail value was $40,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $52,000 $58,500 Retail Price Index 1.25 1.30 Cost-to-Retail Percentage 84% 85% 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 Required 2 What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? Cost-to-retail percentage Required 1 Required 2 >