During 2015, Roberto sold 830 shares of Casual Investor Mutual fund for $8.875 per share. The shares were purchased on the following dates:

Date........................Shares.................Price

May 31, 2011...................400..............$9.375

September 18, 2012......225...............$8.500

October 21, 2012...........425 ............$10.000

January 12, 2014............276...............$7.125

Calculate the gain (loss) on the sale under the following assumptions (carry your calculations to three places):

a. Basis is calculated using the first-in, first-out method.

b. Basis is calculated using the average cost method (assume all shares are long-term).