Pyruvic acid, the key product of glycolysis, can have many metabolic fates. Under aerobic condition, it forms

1.  lactic acid

2.  CO2 + H2O

3.  acetyl Co-A+ CO2

4.  ethanol + CO2

Pyruvate, the product obtained through glycolysis, gets oxidised with the loss Of its carboxy group as CO2, to give acetyl Co-A, and this acetyl Co-A is further oxidised completely to CO+ H2O in citric acid cycle.
Other options are incorrect as 
Lactic acid is formed in muscles under anaerobic conditions.
Ethanol and CO2 are products of anaerobic respiration in yeast cells.
Page 230, XI NCERT