yier Corporation reports the following results for its first month of operations ended December 31. Overhead is applied using a redetermined overhead rate of 80% of direct materials cost. 1. Prepale 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. Required 1 Required 2 Prepare an income statement for the month ended December 31. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ TYLER CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For Month Ended December 31 } \\ \hline Sales & & \\ \hline Cost of goods sold & & \\ \hline Gross profit & & \\ \hline Operating expenses & & \\ \hline Selling expenses & & \\ \hline General and administrative expenses & & \\ \hline Raw materials purchased & & \\ \hline Net income & \$ \\ \hline \end{tabular} Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its firs balance; also, there were no indirect materials used this month