Describe a classified income statement. Be sure to address the classified income statement’s four sections and the important financial relationships found within the statement

W4: Inventories
Required:
The Week 4 Discussion consists of two separate questions. You will answer one of the two questions.
(1st question) Describe a classified income statement. Be sure to address the classified income statement’s four sections and the important financial relationships found within the statement
(2nd question) The United States has a capitalistic economy. What is capitalism? Explain how the different inventory valuation methods affect a company’s financial statements. Can the inventory valuation method chosen affect a company’s ability to compete in a capitalistic economy? Please explain.

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