Suppose that you are a financier and purchase 100 shares of stock in Company X in each of January, April and September and sell 100 shares in each of June and November. The prices per share in these months were:
- Jan $10
- Apr $30
- Jun $20
- Sep $50
- Nov $30
Determine the total amount of your capital gain or loss using (a)FIFO (first in, first out) accounting and (b) LIFO (last in, first out) accounting (that is assuming that you keep your stock certification in (a) a queue or (b) a stack using C language). The 100 shares you still own at the end of the year do not enter the calculation.