Canova Corporation adopted the dollar-value LIFO retall method on January 1, 2024. On that date, the cost of the Inventory on hand was $15,000 and its retall value was $20,000. Information for 2024 and 2025 is as follows: Ending Inventory Date 12/31/2024 12/31/2025 at Retail $ 32,500 $ 42,000 Retail Price Index 1.30 1.60 Cost-to-Retail Percentage 80% 83% 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? Cost-to-retail percentage % Required 2>

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.