In the general ledger the accounts used to determine the cost of goods manufactured are closed to the manufacturing summary account which is then closed to the:

Question

Quizplus · Accepted Answer

The manufacturing summary account is used to accumulate the costs of production, and once the period's manufacturing activities are concluded, this account is closed to the income summary account. The income summary account then captures the overall performance of the business, including revenues and expenses, to determine net income or loss.

In the General Ledger the Accounts Used to Determine the Cost