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What is the cost-to-retail percentage for the inventory

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Question - Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2011. On that date, the cost of the inventory on hand was $15,000 and its retail value was $18,750. Information for 2011 and 2012 is as follows:

Date

Ending Inventory at Retail

Retail Price Index

Cost-to-Retail Percentage

12/31/2011

$ 25,000

1.25

82%

12/31/2012

28,600

1.3

85

Required:           

(1) What is the cost-to-retail percentage for the inventory on hand at 1/1/11?   

(2) Calculate the inventory value at the end of 2011 and 2012 using the dollar-value LIFO retail method.

Reference no: EM131797655

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