An investor enters into a short futures position in 10 contracts in gold at a futures price of $276.50 per oz. The size of one futures contract is 100 oz. The initial margin per contract is $1,500, and the maintenance margin is $1,100.

On the third day, the investor closes out the short position at a futures price of $276.00. What is the final balance in his margin account? Ignoring interest costs, what are his total gains or losses?