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.

Prepare an income statement for the month ended December $31.$

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.

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Required $2$

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,

balance; also, there were no indirect materials used this month.