Which of the following accounts should be closed to Retained Earnings at the end of the fiscal year?

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Cost of Goods Sold is a temporary account that tracks the cost of goods sold during the fiscal year. At the end of the year, this account is closed to Retained Earnings to update the balance sheet. Inventory, Accumulated Depreciation, and Customer Refunds Payable are all balance sheet accounts that are not closed to Retained Earnings at the end of the year.

Which of the Following Accounts Should Be Closed to Retained