Topie: Income Statement Format Accountants have advocated two types of income statements based on differing views of the concept of income: the current operating performance and all-inclusive concepts of income. Required: a. Discuss the general nature of these two concepts of income. b. How would the following items be handled under each concept? i Cost of goods sold li. Selling expenses ili. Extraordinary items iv. Prior period adjustments Journal Article Review: Ia aditiom, read journal artides: Ghost Goods: How to Spot Phantom Inventory by XOSEPH T. WELLS (Journal of Accountancy) found at:http://www.journalofaccountancy.com/Issues/2001/Jun/GhostGoodsHowToSpotPhantominvent htm and submit one page review on Blackboard