[The following information applies to the questions displayed below.]

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	1,080	$	25,920
Stock A	3/18/2000	540		9,720
Stock A	5/22/2009	830		29,880

On October 12, 2020, he sold 1,320 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 830 shares from the 5/22/2009 purchase and 490 shares from the 11/21/1994 purchase?