Contrast an unclassified income statement with the components

Contrast an unclassified income statement with the components of a classified income statement.Explain why a company would choose to present its income statement data in a classified format. Identify and describe the major sections of a classified income statementIn each of the following equations supply the missing term(s): Net sales = Gross sales – (______________________ + Sales returns and allowances).Cost of goods sold = Beginning inventory + Net cost of purchases – ________ ________.Gross margin = ________ ________ – Cost of goods sold.Income from operations = __________ _________ – Operating expenses.Net income = Income from operations + _________ ________ – ________ ________.