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 $$41,000,$ cost of goods sold under the FIFO method is $$11,100,$ and operating expenses are

$$5,500.$ 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.

Answer is complete but not entirely correct.