Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $16,000 and its retail value was $20,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory Retail Price at Retail $ 26,000 $ 35,000 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Index 1.25 1.40 Ending inventory $ 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. 2024 Cost-to-Retail Percentage 83% 85% 16,830 2025

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $16,000 and its retail value was $20,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory Retail Price at Retail $ 26,000 $ 35,000 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. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Index 1.25 1.40 Ending inventory $ 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. 2024 Cost-to-Retail Percentage 83% 85% 16,830 2025

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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