1- Question 2 (2 points) Henri Natisse is the owner and operator of Natisse Enterprise, an art valuation business. At the end of its accounting period, December 31, 2019, Natisse Enterprise has assets of $760,000 and liabilities of 240,000. Calculate net income during 2020, assuming that as of December 31, 2020, assets were $960,000, liabilities were $156,000, during 2020 Natisse paid himself a dividend of $10,000, and no shares were issued or repurchased during 2020. $804,000. $520,000. $274,000. 2- $294,000. Retail Inc. uses the FIFO cost formula in a perpetual inventory system. Below is the inventory record for September, 2021: Sep 1 Beginning inventory 20 units @ $19 per unit Sep 7 Purchases 70 units @ $20 per unit Sep 8 Sales 50 units @ $30 per unit Sep 9 Sales 25 units @ $31 per unit Sep 10 Purchases 50 units @ $22 per unit Sep 22 Sales 40 units @ $28 per unit If Retail Inc. used the average cost formula instead of FIFO, gross profit from the September 8 sale would be higher. the same. cannot be determined. lower.