Exercise 9-20

Exercise 9-20 Dollar-value LIFO retail (LO9-5] Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2018. On that date, the cost of the inventory on hand was $14,000 and its retail value was $20,000. Information for 2018 and 2019 is as follows: Date 12/31/18 12/31/19 Ending Inventory at Retail $35,000 $49,000 Retail Price Index 1.40 1.75 Cost-to-Retail Percentage 72% 74% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/18? 2. Calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.) 2018 2019 Ending inventory