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Cambi Company began operations on January 1, 2016. In the second quarter of 2017, 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 2016 2ndQ $ 22,000 6,000 2017 1stQ $ 28,000 9.500 4,200 1stQ $ 20,000 5,000 T 3,000 12,000 3rdq $ 24,000 6,800 4thQ $ 26,000 8,000 Sales Cost of goods sold (LIFO) Operating expenses Income before income taxes Income taxes (40%) 3,200 $12,800 5,120 $ 7,680 3,600 $ 13,600 5,440 S 8,160 4,000 $ 14,000 5,600 $ 8,400 $ 14,300 5,720 S 8,580 4,800 Net income S 7,200 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: 2016 3rdQ $6,200 2017 1stQ $ 8,400 4thQ $7,000 1stQ $4,800 2ndQ $5,600 Cost of goods sold (FIFO) Sales for the second quarter of 2017 are $30,000, cost of goods sold under the FIF0 method is $10,000, and operating expenses are $4.400. The effective tax rate remains 40 percent. Combi Company has 1,000 sheres of common stock outstanding Prepare a schedule showing the calculation of net income and earnings per share thet Cambi reports for the three-month period and the six-month period ended June 30, 2017 (Round "Earnings per shere" answers to 2 decimal places.) Three Months Ended June 30 Six Months Ended June 30 2016 2017 2016 2017

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