Problem 8-40 (Algo) (LO 8-6) Volata Company began operations on January 1, 2019. In the second quarter of 2020, 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: Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (25%) Net income 1st $ 27,000 5,700 3,700 $ 17,600 4,400 $ 13,200 2019 2nd 3rdQ $ 29,000 $ 31,000 6,700 7,500 3,900 4,300 $ 18,400 $ 19,200 4,600 4,800 13,800 $ 14,400 4thQ $ 33,000 8,700 4,700 $ 19,600 4,900 $ 14,700 2020 1st $ 35,000 10,200 4,900 $ 19,900 4,975 $ 14,925 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: 2019 2ndQ 3rdQ $ 6,300 $ 6,900 1st $ 5,500 Cost of goods sold (FIFO) 2020 1st $ 9, 100 4thQ $ 7,700 Sales for the second quarter of 2020 are $37,000, cost of goods sold under the FIFO method is $10,700, and operating expenses are $5,100. The effective tax rate remains 25 percent. Volata Company has 1,000 shares of common stock outstanding. 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, 2020. (Round "Earnings per share" answers to 2 decimal places.) Three Months Ended June 30 2019 2020 Six Months Ended June 30 2019 2020 Net income Net income per common share