Lois purchased the following blocks of Westgate Stock:

Date		Shares			Price
June 12, 2016		1,000		$	4.225
October 21, 2016		2,000		$	4.775
December 18, 2018		1,500		$	5.500

Required:

1. Lois sold 1,600 shares of the stock on November 20, 2019, for $5.00 per share for a total of $8,000. Using the first-in, first-out method, determine the gain or loss on the sale of the Westgate stock.
2. Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if 750 of the shares sold were identified as being from the October 21, 2016, purchase and the remaining 850 shares from the December 18, 2018, purchase? (Do not round intermediate computations. Round your final answers to 2 decimal places.)

Chegg- Please help with part 2. Thanks!