Volata Company began operations on January 1, 2019. In the second quarter of 2020, 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:

	2019																2020
	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 (25%)		1,000				1,200				1,400				1,500				1,575
Net income	$	3,000			$	3,600			$	4,200			$	4,500			$	4,725

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:

	2019																2020
	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 2020 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 25 percent. Volata Company has 1,000 shares of common stock outstanding.

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, 2020. (Round "Earnings per share" answers to 2