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 Direct materials used Direct labor used Cost of goods manufactured $ 22,000 Sales 13,800 Cost of goods sold 22,000 Selling expenses 35,600 General and administrative expenses $ 43,200 30,200 3,900 5,000 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 Answer is not complete. 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. Beginning Purchases Ending Beginning Cost of goods manufactured Ending Raw Materials Inventory Work in Process Inventory Beginning 0 22,000 13,800 0 Indirect materials Direct labor 22,000 Other overhead 17,600 costs 22,000 Ending Ending 53,400 Ending Finished Goods Inventory 0 35,600 30,200 Cost of goods sold 5,400 Ending < Required 1 Required 2 >