11. Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on handwas $14,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows:Ending InventoryRetail PriceCost-to-RetailDate12/31/202112/31/2022at RetailIndexPercentage72%$35,000$49,0001.401.7574%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 1Required 2Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. (Round your answers tothe nearest whole dollar amount.)20212022Ending inventory< Required 1Required 2 > Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on handwas $14,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows:Retail PriceEnding Inventoryat RetailCost-to-RetailDate12/31/202112/31/2022IndexPercentage72%$35,000$49,0001.401.7574%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 1Required 2What is the cost-to-retail percentage for the inventory on hand at 1/1/2021?Cost-to-retail percentage%< Required 1Required 2 >

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $14,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Ending Inventory at Retail Retail Price Cost-to-Retail Date Index Percentage 72% 12/31/2021 12/31/2022 $35,000 $49,000 1.40 1.75 74%

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $14,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Ending Inventory at Retail Retail Price Cost-to-Retail Date Index Percentage 72% 12/31/2021 12/31/2022 $35,000 $49,000 1.40 1.75 74%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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