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 11/21/1994 1,020 $ 24,480 Stock A 3/18/2000 510 9,180 Stock A 5/22/2009 770 27,720 On October 12, 2020, he sold 1,230 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 770 shares from the 5/22/2009 purchase and 460 shares from the 11/21/1994 purchase?