Answer:
When using dollar-value LIFO, the ending inventory at current year cost must first be converted to base year cost. The 12/31/Y2 inventory at base year cost is given as $60,000. Since the 12/31/Y1 inventory at base year cost was $45,000 ($40,000 base layer and $5,000 year 1 layer), a new layer of $15,000 was added in year 2 ($60,000 − $45,000). This layer must be restated using the year 2 price index. The year 2 price index is computed using the double-extension technique, as illustrated below.
The Banking Act of <u>1935</u> removed the Secretary of the Treasury and the Comptroller of the Currency from the governing board of the Federal Reserve.
<h3>What effect did the Banking Act of 1935 have?</h3>
The Banking Act of 1935 mandated additional changes to the Federal structure, including the establishment of the Federal Open Market Committee (FOMC) as a separate legal entity, the removal of the Treasury Secretary and the Comptroller of the Currency from the Fed's governing board, and the extension of members' terms to 14 years.
Check out the link below to know more about the Banking Act of 1935;
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Answer[:]
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[:] DustinBR [:]
If someone has car liability insurance it only covers injuries or damages to third parties and their property, not to the driver or the driver's property.
