The Corporation reports the following results for its first month of operations ended December 31 . Overhead is applied using predetermined overhead rate of 80% 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. Complete this question by entering your answers in the tabs below. Prepare an income statement for the month ended December 31