George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.)

Date Purchased Number of Shares Adjusted Basis Stock A 11/21/1993 1,120 $ 26,880 Stock A 3/18/1999 560 10,080 Stock A 5/22/2008 870 31,320

On October 12, 2019, he sold 1,380 of his shares of Stock A for $38 per share.

a. How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold?

b. How much gain/loss will George have to recognize if he specifically identifies the shares to be sold by telling his broker to sell all 870 shares from the 5/22/2008 purchase and 510 shares from the 11/21/1993 purchase?