# LIFO Retail Method Assignment | Top Universities |

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was \$18,000 and its retail value was \$20,000. Information for 2021 and 2022 is as follows: Ending Inventory at Retai1 \$27,500 Retail Price Cost-to-Retail Date Index Percentage 12/31/2021 1.10 91% 93 12/31/2022 \$42,000 1.40

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 2 Required 1 What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? Cost-to-retail percentage % Required 1 Required 2 Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers to the nearest whole dollar amount.) 2021 2022 Ending inventory. Get Accounting Homework Help Today