Exercise 15-21 (Algo) Preparing an income statement and determining inventory balances LO P3 Tyler Corporation reports the following results for its first month of operations ended December 31. Overhead is applied using a predetermined overhead rate of 80% of direct materials cost. Raw materials purchased $ 19, eee sales $ 37,200 Direct materials used 12,380 cost of goods sold 28,7ee Direct labor used 19,800 selling expenses 2,488 Cost of goods manufactured 32,600 General and administrative expenses 3,5ee 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 first 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. TYLER CORPORATION Income Statement For Month Ended December 31 0 Operating expenses 0 S 0