Understand and apply procedures used in interim financial reports to treat an interim period as an integral part of the annual period.

Cambi Company began operations on January 1, 2014. In the second quarter of 2015, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The companys interim income statements as originally reported under the LIFO method follow:

	2014												2015
	1stQ			2ndQ			3rdQ			4thQ			1stQ
Sales	$	10,000		$	12,000		$	14,000		$	16,000		$	18,000
Cost of goods sold (LIFO)		4,000			5,000			5,800			7,000			8,500
Operating expenses		2,000			2,200			2,600			3,000			3,200
Income before income taxes	$	4,000		$	4,800		$	5,600		$	6,000		$	6,300
Income taxes (40%)		1,600			1,920			2,240			2,400			2,520
Net income	$	2,400		$	2,880		$	3,360		$	3,600		$	3,780

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:

	2014												2015
	1stQ			2ndQ			3rdQ			4thQ			1stQ
Cost of goods sold (FIFO)	$	3,800		$	4,600		$	5,200		$	6,000		$	7,400

Sales for the second quarter of 2015 are $20,000, cost of goods sold under the FIFO method is $9,000, and operating expenses are $3,400. The effective tax rate remains 40 percent. Cambi Company has 1,000 shares of common stock outstanding.

Calculate the net income and earnings per share that Cambi reports for the three-month period and the six-month period ended June 30, 2015. (Round "Earnings per share" answers to 2 decimal places.)