(1^st question) Describe a classified income statement. Be sure to address the classified income statements 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 companys financial statements. Can the inventory valuation method chosen affect a companys ability to compete in a capitalistic economy? Please explain.

Instructions:Your response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). In-text citations and references must be in APA format.