Sales for the second quarter of 2024 are $41,600, cost of goods sold under the FIFO method is $11,600, and operating expenses are $5,600. The effective tax rate remains 25 percent. Volata Company has 1,000 shares of common stock outstanding. 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: Required: Note: Use cells A2 to F17 from the given information to complete this question. 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 30,202 Note: Round "Earnings per share" answers to 2 decimal places. \begin{tabular}{|l|c|c|c|c|} \hline \multirow{2}{*}{} & \multicolumn{2}{|c|}{ Three Months Ended June 30 } & \multicolumn{2}{c|}{ Six Months Ended June 30 } \\ \cline { 2 - 5 } & 2023 & 2024 & 2023 & 2024 \\ \hline Net income & & & & \\ \hline Earnings per share & & & & \\ \hline \end{tabular} Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. Nothing in this area will be graded, but it will be submitted with your assignment