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 $$44,000,$ cost of goods sold under the FIFO method is $$11,400,$ and operating

expenses are $$5,800.$ 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.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:

Accounts $20232024$

$1$st Quarter $2$nd Quarter $3$rd Quarter $4$th Quarter $1$st Quarter

Cost of goods sold $($FIFO$)$ $ $6,200$ $ $7,000$ $ $7,600$ $ $8,400$ $ $9,800$

Sales for the second quarter of $2024$ are $$44,000,$ cost of goods sold under the FIFO method is $$11,400,$ and operating expenses are $$5,800.$ 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 $2024.$