FIN 301- Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2016.

| June 13, 2018

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2016. On that date, the cost of the inventory on hand was $30,000 and its retail value was $37,500. Information for 2016 and 2017 is as follows:Ending InventoryRetailCost-to-RetailDateat RetailPrice IndexPercentage12/31/16$50,0001.2584%12/31/1758,5001.3087Required:1.What is the cost-to-retail percentage for the inventory on hand at 1/1/16? 2.Calculate the inventory value at the end of 2016 and 2017 using the dollar-value LIFO retail method.

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