Lois purchased the following blocks of Westgate Stock:

Date _____________________ Shares _________Price

June 12, 2013.....................1,000 ...............$4.225

October 21, 2013..................2,000................$4.775

December 18, 2015...............1,500 ...............$5.500

Lois sold 1,600 shares of the stock on November 20, 2016 for $5.00 per share for a total of $8,000. Using the first-in, first-out method, what is the gain or loss on the sale of the Westgate stock?

What if 750 of the shares sold were identified as being from the October 21, 2013, purchase and the remaining 850 shares from the December 18, 2015 purchase? Using the specific identification method, what is the gain or loss on the sale of the Westgate stock?