Lois purchased the following blocks of Westgate Stock:

Lois sold 1,600 shares of the stock on November 20, 2014, 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, 2011, purchase and the remaining 850 shares from the December 18, 2013 purchase? Using the specific identification method, what is the gain or loss on the sale of the Westgate stock?

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Date June 12, 2011 October 21, 2011 December 18, 2013 Shares 1,000 2,000 1,500 Price S4.225 $4.775 S5.500