Quince, Inc. uses a process costing system. It prepares a production cost report for each processing department. How will the managers of Quince use these production cost reports to prepare the balance sheet at the end of an accounting period?
A) to determine the amount of current liabilities of the period
B) to determine the balance of inventory accounts
C) to determine the cost of goods sold during the period
D) to determine the amount of revenues generated during the period
B) to determine the balance of inventory accounts
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