Problem $8-38($Algo$)($LO $8-6)$

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 $$36,000,$ cost of goods sold under the FIFO method is $$10,600,$ and

operating expenses are $$5,000.$ 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.