K t aces During 2022, Roberto sold 700 shares of Casual Investor Mutual fund for $8.05 per share. The shares were purchased on the following dates: Date May 31, 2018 September 18, 2019 October 21, 2019 January 12, 2021 Shares: 330 170 380 210 Price. $ 8.800 b $7.100 $9.100 $6.600 Required: Calculate the gain (loss) on the sale under the following assumptions: a. Basis is calculated using the first-in, first-out method. Note: Round your intermediate computations and final answer to 2 decimal places. b. Basis is calculated using the average cost method (assume all shares are long-term). Note: Round "Average cost" to 3 decimal places. Round other intermediate computations and final answer to 2 decimal plac
K t aces During 2022, Roberto sold 700 shares of Casual Investor Mutual fund for $8.05 per share. The shares were purchased on the following dates: Date May 31, 2018 September 18, 2019 October 21, 2019 January 12, 2021 Shares: 330 170 380 210 Price. $ 8.800 b $7.100 $9.100 $6.600 Required: Calculate the gain (loss) on the sale under the following assumptions: a. Basis is calculated using the first-in, first-out method. Note: Round your intermediate computations and final answer to 2 decimal places. b. Basis is calculated using the average cost method (assume all shares are long-term). Note: Round "Average cost" to 3 decimal places. Round other intermediate computations and final answer to 2 decimal plac
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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rit
nces
During 2022, Roberto sold 700 shares of Casual Investor Mutual fund for $8.05 per share. The shares were purchased on the
following dates:
Date
May 31, 2018
September 18, 2019
October 21, 2019
January 12, 2021
Shares
330
170
380
210
Price,
$ 8.800
$ 7.100
a
b.
$9.100
$6.600
Required:
Calculate the gain (loss) on the sale under the following assumptions:
a. Basis is calculated using the first-in, first-out method.
Note: Round your intermediate computations and final answer to 2 decimal places.
b. Basis is calculated using the average cost method (assume all shares are long-term).
Note: Round "Average cost" to 3 decimal places. Round other intermediate computations and final answer to 2 decimal plac
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