12 Check my work pints eBook References Exercise 19-21 (Algo) Preparing an income statement and determining inventory balances LO P3 Tyler Corporation reports the following results for its first month of operations ended December 31. Overhead is applied using a predetermined overhead rate of 90% of direct materials cost. Raw materials purchased Direct materials used Direct labor used Cost of goods manufactured $ 20,600 Sales $ 40,400 13,100 Cost of goods sold 20,600 Selling expenses 29,500 3,200 34,200 General and administrative expenses 4,300 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