Volata Company began operations on January 1, 2019. In the second quarter of 2020, It...
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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 company's Interlm Income statements as originally reported under the LIFO method follow: If the FIFO method had been used since the company began operatlons, cost of goods sold in each of the previous quarters would have been as follows: Sales for the second quarter of 2020 are $33,000, cost of goods sold under the FIFO method is $10,300, and operating expenses are $4,700. The effectlve tax rate remalns 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 perlod and the slx-month perlod ended June 30, 2020. (Round "Earnings per share" answers to 2 decimal places.)
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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 company's Interlm Income statements as originally reported under the LIFO method follow: If the FIFO method had been used since the company began operatlons, cost of goods sold in each of the previous quarters would have been as follows: Sales for the second quarter of 2020 are $33,000, cost of goods sold under the FIFO method is $10,300, and operating expenses are $4,700. The effectlve tax rate remalns 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 perlod and the slx-month perlod ended June 30, 2020. (Round "Earnings per share" answers to 2 decimal places.) 