Income statement + determining inventory balances

Exercise 2-21 (Static) Preparing an income statement and determining inventory balances LO P3 Tyler Corpotation reports the following results for its tust month of operations ended December 31 Overhead is apptied using a predetermined owerhead rate of 80% of direct materals cost. 1. Prepare an inconve statement tor the month ended December 31 2. Deteimine the December 31 enting inventocy balances foc Raw Materials, Work h Process, and Finished Goods. Hint Becariet Tyler is in its first month of aperations, each account begins with a $0 balance; aho, there were no indirect materlais tised thes month. Complete this question by entering your answers in the tabs below. Deterinine the Decenber 31 end ng irventecy balances for tlaw Materials, Woak in Process, and finithed Goods. Mint: Dlecause Tyler is in its frit month of operations, each acco balance; atso, there wore no inditect materials used twa month