Final answer:
A detailed income statement breaks down costs and revenues into specific categories such as durable goods, nondurable goods, and inventories, providing more granular insights into a company's finances and operational efficiency.
Step-by-step explanation:
An income statement that separates the cost of goods sold into categories is typically known as a detailed or multi-step income statement. This type of income statement breaks down the costs and revenues associated with the production of goods into more granular categories. For instance, it could separate out the costs associated with durable goods such as cars and refrigerators from nondurable goods like food and clothing. It may also provide details on inventories, which represent the goods produced but not yet sold, thus offering insights into the company's operational efficiency. In the context of macroeconomics, understanding the composition of goods within the economy helps in analyzing GDP through both the Expenditure Approach and the National Income Approach, which includes structures and inventory levels as components affecting the national income.