Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2015. On that date, the cost of the inventory on hand was $27,000 and its retail value was $30,000. Information for 2015 and 2016 is as follows:

	Ending Inventory			Retail	Cost-to-Retail
Date	at Retail			Price Index	Percentage
12/31/15	$	38,500		1.10	92	%
12/31/16		52,000		1.30	94

Required:
1.	What is the cost-to-retail percentage for the inventory on hand at 1/1/15? 2. Calculate the inventory value at the end of 2015 and 2016 using the dollar-value LIFO retail method