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 $ 18,400 Sales 12,000 Cost of goods sold 18,400 Selling expenses 32,000 General and administrative expenses $ 36,000 28,400 2,100 3,200 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 Operating expenses 0 0 Tyler Corporation reports the following results for es fest month of operation ended December Overhead predetermined overhead rate of 80% of direct materials cost Direct material Direct labor d Cost of goods 12,000 of 1. Prepare an income statement for the month ended December 3 2. Determine the December 31 ending invertory balances for Raw Materials, Work in Process, and Fished Goods Hot Because pe is in its first month of operations, each account begins with a 10 balance, also, there were no indirect material used this meth Complete this question y estering your ass in th Required i Determine the) Beginning Ending M Coding Required 1 Ode