According to accrual accounting, when goods are not sold until the period after they were produced, then the cost of goods sold:

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According to accrual accounting, the cost of goods sold (COGS) is recognized in the period in which the sale occurs, regardless of when the goods were produced. If the goods are not sold until the period after they were produced, the COGS will be recognized in the second period. This reflects the matching principle in accounting, which requires expenses to be recognized in the same period as the related revenues.

According to Accrual Accounting, When Goods Are Not Sold Until