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 labor used Direct materials used Cost of goods manufactured $ 18,400 Sales 12,000 Cost of goods sold 18,400 Selling expenses 32,000 General and administrative expenses 1. Prepare an income statement for the month ended December 31. $ 36,000 28,400 2,100 3,200 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 $ 0