Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory at Retail $ 39,000 $ 51,000 Required 1 Retail Price Index 1.30 1.50 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. Cost-to-Retail Percentage 78% 80% Complete this question by entering your answers in the tabs below. Required 2 What is the cost-to-retail percentage for the inventory on hand at 1/1/2024?

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $19,000 and its retail value was $25,000. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory at Retail $ 39,000 $ 51,000 Required 1 Retail Price Index 1.30 1.50 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. Cost-to-Retail Percentage 78% 80% Complete this question by entering your answers in the tabs below. Required 2 What is the cost-to-retail percentage for the inventory on hand at 1/1/2024?

Name: Canova Corporation adopted the dollar-value LIFO retail method on Jan
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Description: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on handwas $19,000 and its retail value was $25,000. Information for 2024 and 2025 is as follows:Date12/31/202412/31/2025Endin

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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canova corporation adopted the dollar value LIFO retail method on janurary 1, 2024. on that date, the cost of inventory on hand was $21000 and its retail value was $28,000. information for 2024 and 2025 is as follows 12/31/2024 ending inventory at retail $39000, retail price index 1.30, cost to retail % 78% 12/31/2025 ending inventory at retail $48000, price index 1.50, cost to retail % 79% required 1 what is the cost to retail percentage for the inventory on hand 1/1/2024 2. calculate the inventory value at the end of 2024 and 2025 using the dollar value LIFO retail method
sweet Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2024. At that time the inventory had a cost of$63,000 and a retail price of $100,000. The following information is available.Year-EndInventory at Retail Current YearCost-Retail% Year-EndPrice Index2024 $127.200 60% 1062025 144.480 63% 1122026 133.400 64% 1152027 152,500 61% 125 The price index at January 1, 2024, is 100.Compute the ending inventory at December 31 of the years 2024-2027. (Round ratios for computational purposes to O decimal places, eg.78% and final answers to O decimal places, eg. 28,987.)2024 2025 2026 2027Ending inventory avoid images in solution thnx