Describe a classified income statement.

The Week 4 Forum consists of two separate questions. You will answer one of the two questions. The chosen question needs to be answered with an initial post of at least 250 words.Week 4 Forum
Pick only one question:
(1 st  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.
(2 nd  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.
Instructions: Your initial response should have extensive words (at least 250 words).
Please use reference in APA format.
This week we will explore Chapter(s) 7 and 8 of the textbook. Chapter 7 introduces
inventories and the classified income statement. It further compares service and
merchandising companies. Chapter 8 discusses methods of measurement for
inventories and how the cost of goods sold and net income are affected by the
different methods.

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