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. 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. Prepare an income statement for the month ended December 31. Exercise 19-21 (Algo) Preparing an income statement and determining inventory balances LO P3 Tyler Corporation reports the following results for its fist month of operations ended December 31. Overhesd is applied using a predetermined overheed rate of 90% of direct moterials cost. 9. Frepare an income statement fer the month ended Decenber 31 . 2. Determine the December 31 ending inventory belances for Rew Materias, Work in Process, and Finished Goods. Mint Beease Tyer is in iss tirst month of operotons, each sceount begins with a $0 bolance: aho, there were no insifiect moterials used this month. Complete this euention by entering your anwwers in the tabs below