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 company's interim income statements as originally reported under the LIFO method follow: 2019 1stQ Sales $20,000 2ndQ $22,000 3rdQ Cost of goods sold (LIFO) Operating expenses 5,000 3,000 Income before income taxes $12,000 6,000 3,200 $12,800 $24,000 6,800 3,600 4thQ $26,000 8,000 4,000 2020 1stQ $28,000 9,500 Income taxes (25%) 3,000 Net income $ 9,000 3,200 $9,600 $13,600 3,400 $10, 200 $14,000 4,200 $14,300 3,500 $10,500 3,575 $10,725 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: Cost of goods sold (FIFO) 2019 2020 1610 $4,800 2ndQ $5,600 3rdQ $6,200 4thQ $7,000 1stQ $8,400 Sales for the second quarter of 2020 are $30,000, cost of goods sold under the FIFO method is $10,000, and operating expenses are $4,400. 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 decimal places.) 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 decimal places.) Net income Net income per common share Three Months Ended June 30 Six Months Ended June 30 2019 2020 2019 2020