What is not typically included in an income statement?

An income statement primarily focuses on a company's revenues and expenses over a specific period to determine net income or loss. It includes key components such as revenues, which represent the income generated from normal business operations, expenses incurred during the reporting period, and net income, which is calculated by subtracting total expenses from total revenues.

In contrast, inventory valuation is not included in the income statement itself. Instead, it is typically reflected on the balance sheet, as it pertains to the assets a company holds for sale in the ordinary course of business. Inventory valuation can affect the cost of goods sold (an expense on the income statement), but it is not a direct item on the income statement. Thus, recognizing that inventory valuation is related to the balance sheet clarifies why it is the correct answer in identifying what is not typically included in an income statement.