Enter answers in the tabs below. Prepare an income statement for the month ended March 31. Determine the March 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goo March. in Process, and Finished Goods. Hint: Each account begins with a $0 balance; also, no indirect materials were used in A company reports the following for its first month of operations ending March 31 . The company uses a predetermined overhead rate of 80% of direct materials cost to apply overhead. Enter answers in the tabs below. Prepare an income statement for the month ended March 31