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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	$	32,000			$	34,000			$	36,000			$	38,000			$	40,000
Cost of goods sold (LIFO)		6,200				7,200				8,000				9,200				10,700
Operating expenses		4,200				4,400				4,800				5,200				5,400
Income before income taxes	$	21,600			$	22,400			$	23,200			$	23,600			$	23,900
Income taxes (25%)		5,400				5,600				5,800				5,900				5,975
Net income	$	16,200			$	16,800			$	17,400			$	17,700			$	17,925

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)	$	6,000			$	6,800			$	7,400			$	8,200			$	9,600

Sales for the second quarter of 2020 are $42,000, cost of goods sold under the FIFO method is $11,200, and operating expenses are $5,600. 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.)

\begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{\begin{tabular}{l} Three Months Ended \\ June 30 \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{c} Six Months Ended \\ June 30 \end{tabular}} \\ \hline & 2019 & 2020 & 2019 & 2020 \\ \hline Net income & & & & \\ \hline Net income per common share & & & & \\ \hline \end{tabular}

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