Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $18,000 and its retail value was $20,000. Information for 2024 and 2025 is as follows: Ending Inventory Date 12/31/2024 12/31/2025 at Retail $ 27,500 $ 42,000 Retail Price Index 1.10 1.40 Cost-to-Retail Percentage 91% 93% 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. Required 1 Required 2 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. Ending inventory 2024 2025 23,005 $ 27,900 X < Prev 5 of 5 Score answer >