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 $34,000, cost of goods sold under the FIFO method is $10,400, and operating expenses are $4,800. 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.)
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