50 1.23 ioints References Tyler Corporation reports the following results for its first month ofoperations ended December 31. Overhead is applied using a predetermined overhead rate of 80% of direct materials cost. Raw materials purchased $ 18,409 Sales $ 36.980 Direct materials used 12.0% Cost of goods sold 28.400 Direct labor used 18.4% Selling expenses 2.1% Cost of goods manufactured 32, General and administrative expenses 3,280 1. Prepare an income statement for the month ended December 31. 2. Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its rst month of operations, each account begins with a $0 balance; also, there were no indirect materials used this month. Complete this question by entering your answers In the tabs below. Required 1 Required 2 Prepare an income statement for the month ended December 31. Required 1 Required 2 Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its first month of operations, each account begins with a $0 balance; also, there were no indirect materials used this month. Raw Materials Inventory Work in Process Inventory Beginning 0 Beginning 0 Indirect materials Ending Ending Ending Ending Finished Goods Inventory Beginning Ending Ending