Item$58\mathrm{.}42$points ItemSkipped eBook Print Check my workCheck My Work button is now enabled$3$ Item $5$ Volata Company began operations on January $1,2023.$ In the second quarter of $2024,$ it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company$$s interim income statements as originally reported under the LIFO method follow: Accounts$202320241$st Quarter$2$nd Quarter$3$rd Quarter$4$th Quarter$1$st QuarterSales$ $22,000$$ $24,000$$ $26,000$$ $28,000$$ $30,000$Cost of goods sold $($LIFO$)5,2006,2007,0008,2009,700$Operating expenses$3,2003,4003,8004,2004,400$Income before income taxes$ $13,600$$ $14,400$$ $15,200$$ $15,600$$ $15,900$Income taxes $(25\%)3,4003,6003,8003,9003,975$Net income$ $10,200$$ $10,800$$ $11,400$$ $11,700$$ $11,925$ If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows: Accounts$202320241$st Quarter$2$nd Quarter$3$rd Quarter$4$th Quarter$1$st QuarterCost of goods sold $($FIFO$)$$ $5,000$$ $5,800$$ $6,400$$ $7,200$$ $8,600$ Sales for the second quarter of $2024$ are $$32,000,$ cost of goods sold under the FIFO method is $$10,200,$ and operating expenses are $$4,600.$ The effective tax rate remains $25$ percent. Volata Company has $1,000$ shares of common stock outstanding. Required: Prepare a schedule showing the calculation of net income and earnings per share that Volata reports for the three$-$month period and the six$-$month period ended June $30,2023$ and $2024.$ Volata Company began operations on January $1,2023.$ In the second quarter of $2024,$ it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company's interim income statements as originally reported under the LIFO method follow:

If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows:

Sales for the second quarter of $2024$ are $\backslash (\backslash$$ $32,000\backslash ),$ cost of goods sold under the FIFO method is $\backslash (\backslash$$ $10,200\backslash ),$ and operating expenses are $\backslash (\backslash$$ $4,600\backslash ).$ The effective tax rate remains $25$ percent. Volata Company has $1,000$ shares of common stock outstanding.

Required:

Prepare a schedule showing the calculation of net income and earnings per share that Volata reports for the three$-$month period and the six$-$month period ended June $30,2023$ and $2024.$

Note: Round "Earnings per share" answers to $2$ decimal places.