Lois purchased the following blocks of Westgate Stock: Date June 12, 2017 October 21, 2017...
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Lois purchased the following blocks of Westgate Stock: Date June 12, 2017 October 21, 2017 December 18, 2019 Shares 1,020 1,650 1,200 Price $ 3.00 $ 3.20 $ 4.20 Required: a. Lois sold 1,300 shares of the stock on November 20, 2020, for $4.00 per share for a total of $5,200. 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 520 of the shares sold were identified as being from the October 21, 2017, purchase and the remaining 780 shares from the December 18, 2019, purchase? (Do not round intermediate computations.) Amounts a b
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