Cambi Company began operations on January 1, 2016. In the second quarter of 2017, 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 2 3rd $ 24,000 $22.000 6,000 Isto $ 20,000 5,eee 3,eee $ 12,000 Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (40%) Net Income 4th $26.000 8,eee 4,000 $14,000 28.000 9.500 $12,00 3,660 $ 13,600 5.440 $ 8,160 $14,300 5,220 8.50 $ 7,200 $ 7.6.80 $ ,400 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: foods sold (FIFO) isto $ 4,800 2nd $5,500 3rd 56,200 4th $7,000 $8,400 Sales for the second quarter of 2017 are $30,000, cost of goods sold under the FIFO method is $10,000, and operating expenses are $4,400. The effective tax rate remains 40 percent. Cambi Company has 1.000 shares of common stock outstanding Prepare a schedule showing the calculation of net income and earnings per share that Cambi reports for the three month period and the six-month period ended June 30, 2017 (Round "Earnings per share" answers to 2 decimal places.) Answer is not complete. Three Months Six Months Ended June 30 Ended June 30 2016 2017 2016 2017 $ 4,400 $ 9,360 Net income Net Income per common share $ 936