George bought the following amounts of Stock A over the years: On October 12, 2018, he sold 1,200 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 750 shares from the 5/22/2001 purchase and 450 shares from the 11/21/1986 purchase?

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Date Purchased Adjusted Basis Number of Shares 1,000 $24,000 11/21/1986 3/18/1992 Stock A Stock A 500 9,000 Stock A 5/22/2001 750 27,000