During 2016, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates:
Date ___________________ Shares ________________Price
May 31, 2012 ................... 400 .........................$9.375
September 18, 2013............. 225 ........................ $8.500
October 21, 2013 ............... 425 ....................... $10.000
January 12, 2015 ................ 276 ........................ $7.125
Calculate the gain (loss) on the sale under the following assumptions (carry your calculations to three places):
a. Basis is calculated using the first-in, first-out method.
b. Basis is calculated using the average cost method (assume all shares are long-term).