Dale purchased the following blocks of Westgate Stock:
Date Shares Price
June 12, 2018 1,360 $ 4.70
October 21, 2018 2,160 $ 4.90
December 18, 2020 2,050 $ 5.90
Required:
a. Dale sold 2,150 shares of the stock on November 20, 2021, for $5.70 per share for a total of $12,255. Using the first-in, first-out
method, determine the gain or loss on the sale of the Westgate stock.
b. Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if 1,030 of the shares sold were
identified as being from the October 21, 2018, purchase and the remaining 1,120 shares from the December 18, 2020, purchase?
Note: Do not round intermediate computations.
Amounta
b.
b.