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Cool trick!
My solution.
Spoiler
Workflow
Formula
Date2 = DateTimeParse([Date],"%m/%d/%y")
OneMonthLater = DateTimeAdd([Date2],1,"months")
First Day of Next Month = Left([OneMonthLater], 8) + "01"
Last Day of the Month_DateType = DateTimeAdd([First Day of Next Month], -1, "days")
Last Day of the Month = DateTimeFormat([Last Day of the Month_DateType],"%m/%d/%Y")
Small challenges can still be packed with learning opportunities! Here's how I used the DateTime and formula tool to solve this:
Guys, please check out my solution. Really proud of the formula I used :D
