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How much gain and loss will george have to recognize

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Question 1: How much gain/loss will George have to recognize if he uses the FIFO method of accounting for the shares sold?

George bought the following amounts of Stock A over the years: (Loss amounts should be indicated with a minus sign.)

  1. Date Purchased Number of SharesAdjusted BasisStock A11/21/19931,020
  2. $24,480Stock A3/18/1999510 9,180Stock A5/22/2008770 27,720
  3. On October 12, 2019, he sold 1,230 of his shares of Stock A for $38 per share.

Reference no: EM132465579

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