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: 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 2020 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. 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.)