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 $$22,000,$ cost of goods sold under the FIFO method is $$9,200,$ and operating expenses are

$$3,600.$ 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.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:

Accounts $20232024$

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

Sales $ $12,000$ $ $14,000$ $ $16,000$ $ $18,000$ $ $20,000$

Cost of goods sold $($LIFO$)4,2005,2006,0007,2008,700$

Operating expenses $2,2002,4002,8003,2003,400$

Income before income taxes $ $5,600$ $ $6,400$ $ $7,200$ $ $7,600$ $ $7,900$

Income taxes $(25\%)1,4001,6001,8001,9001,975$

Net income $ $4,200$ $ $4,800$ $ $5,400$ $ $5,700$ $ $5,925$

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:

Accounts $20232024$

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

Cost of goods sold $($FIFO$)$ $ $4,000$ $ $4,800$ $ $5,400$ $ $6,200$ $ $7,600$

Sales for the second quarter of $2024$ are $$22,000,$ cost of goods sold under the FIFO method is $$9,200,$ and operating expenses are $$3,600.$ 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 $2024.$