Cost of goods sold is closed into the income summary account:

A) at the end of the production cycle.
B) when the product is sold.
C) at the end of the accounting period, along with other expenses and revenues of the period.
D) at no time.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including direct materials, direct labor, and manufacturing overhead.

Income Summary Account

An account used in the closing process that summarizes the revenues and expenses of a period, ultimately transferring the net income or loss to retained earnings.

Accounting Period

The time span for which financial statements are prepared, typically a year, a quarter, or a month.