Problem $7-54($LO $7-6)$

Dale purchased the following blocks of Westgate Stock:

Required:

a$.$ Dale sold $2,100$ shares of the stock on November $20,2022,$ for $$5\mathrm{.}60$ per share for a total of $$11,760.$ Using the first$-$in$,$ first$-$out

method, determine the gain or loss on the sale of the Westgate stock.

b$.$ Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if $1,000$ of the shares sold were

identified as being from the October $21,2019,$ purchase and the remaining $1,100$ shares from the December $18,2021,$ purchase?

Note: Do not round intermediate computations.