No, inventory carrying cost is not part of the Cost of Goods Sold (COGS). COGS represents the direct expenses related to producing and selling goods, such as the cost of raw materials, direct labor, and manufacturing overhead.
On the other hand, inventory carrying cost refers to the expenses incurred for holding and storing unsold inventory. While COGS is recorded as an expense on the income statement, inventory-carrying costs are considered operational expenses and are recorded separately.