Response to the following problem:
On Janyary 1, 20X1, Sideway Hospital purchased 200 shares of Pickard Company stock for $5,760 plus brokerage costs of $240. An additional 200 shares were purchased on May 1, 20X1 for $6,912 plus brokerage costs of $288. On August 1, 20X1, Pickard declared and distributed a 20 percent stock dividend. On October 1, 20X1, Sideway sold 100 shares of the Pickard stock at $323 /8 less brokerage costs of $129.50.
Required: Assuming FIFO, what was the gain on the sale?