Calculate the gain or loss on the sale

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Question - During 2018, Roberto sold 900 shares of Casual Investor Mutual fund for $8.85 per share. The shares were purchased on the following dates:

Date

Shares

Price

May 31, 2014

430

$9.80

September 18, 2015

270

$8.10

October 21, 2015

480

$10.10

January 12, 2017

310

$7.60

Calculate the gain (loss) on the sale under the following assumptions:

Basis is calculated using the first-in, first-out method. (Round your intermediate computations and final answer to 2 decimal places.)

Basis is calculated using the average cost method (assume all shares are long-term). (Round "Average cost" to 3 decimal places. Round other intermediate computations and final answer to 2 decimal places.)

Reference no: EM133072687

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