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 $$31,000,$ cost of goods sold under the FIFO method is $$10,100,$ and operating expenses are

$$4,500.$ 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 $ $21,000$ $ $23,000$ $ $25,000$ $ $27,000$ $ $29,000$

Cost of goods sold $($LIFO$)5,1006,1006,9008,1009,600$

Operating expenses $3,1003,3003,7004,1004,300$

Income before income taxes $ $12,800$ $ $13,600$ $ $14,400$ $ $14,800$ $ $15,100$

Income taxes $(25\%)3,2003,4003,6003,7003,775$

Net income $ $9,600$ $ $10,200$ $ $10,800$ $ $11,100$ $ $11,325$

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$)$ $ $4,900$ $ $5,700$ $ $6,300$ $ $7,100$ $ $8,500$

Sales for the second quarter of $2024$ are $$31,000,$ cost of goods sold under the FIFO method is $$10,100,$ and operating expenses are $$4,500.$ 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.