month. Complete this question by entering your answers in the tabs below. Prepare an income statement for the month ended December 31. 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 90% of direct materials cost. 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. Determine the December 31 ending Inventory balances for Raw Materials, Work in Process, and Finished Goods, Hint: Because Tye is in its fint rounth of operation, tac Determine the December no indirect materials used this month