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 $ 20,000 Sales 12,000 Cost of goods sold 20,000 Selling expenses 33,600 General and administrative expenses $39,200 29,200 2,900 4,000 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 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 balance; also, there were no indirect materials used this month. Beginning Ending Beginning Ending Raw Materials Inventory Beginning 0 Indirect materials Ending Ending Finished Goods Inventory Ending Work in Process Inventory Ending