Lois purchased the following blocks of Westgate Stock:

Date	Shares	Price
June 12, 2015	1,000	$4.225
October 21, 2015	2,000	$4.775
December 18, 2017	1,500	$5.500

a. Lois sold 1,600 shares of the stock on November 20, 2018 for $5.00 per share for a total of $8,000. Using the first-in, first-out method, what is the gain or loss on the sale of the Westgate stock?

b. What if 750 of the shares sold were identified as being from the October 21,2015, purchase and the remaining 850 shares from the December 18, 2017 purchase? Using the specific identification method, what is the gain or loss on the sale of the Westgate stock?