Question
Last year, Eric purchased the following shares of Calendars, Inc., stock. Date Shares Basis January 10 100 $3,000 May 5 100 $4,000 July 27 200
Last year, Eric purchased the following shares of Calendars, Inc., stock.
| Date | Shares | Basis |
|---|---|---|
| January 10 | 100 | $3,000 |
| May 5 | 100 | $4,000 |
| July 27 | 200 | $10,000 |
On July 22 of this year, Eric sold 150 shares for $9,000. Eric used the first in, first out (FIFO) method to identify the shares sold. Calculate Eric's gain using this method.
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
