Tyer 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. 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. Prepare an income statement for the month ended December 31. Tyler Corporation teports the following resuts for its first month of operations ended December 3t. Overhead is appled using a predertermined overhesd rate of 80x 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 Moterials, Woik in Process, and Finished Goods. Hint Because Tyer is in its first month of operations, each account begins wath a $0 balance; also, there were no indirect materials used this month Complete this questien by entering your answers in the tabs below