In preparation for significant expansion of its international operations, Larkspur Co. has adopted a plan to gradually shift to the same accounting methods as used by its international competitors. Part of this plan includes a switch from LIFO inventory accounting to FIFO (recall that IFRS does not allow LIFO). Larkspur decides to make the switch to FIFO at January 1, 2020. The following data pertains to Larkspurs 2020 financial statements (in millions of dollars).

Sales		$670
Inventory purchases		470
12/31/20 inventory (using FIFO)		700
Compensation expense		29

All sales and purchases were with cash. All of 2020s compensation expense was paid with cash. (Ignore taxes.) Larkspurs property, plant, and equipment cost $520 million and has an estimated useful life of 10 years with no salvage value. Larkspur Co. reported the following for fiscal 2019 (in millions of dollars):

LARKSPUR CO. BALANCE SHEET AT DECEMBER 31, 2019
		2019				2018						2019			2018
Cash		$	473			$	320			Common stock		$	620		$	620
Inventory			620				600			Retained earnings			889			768
Property, plant, and equipment			520				520
Accumulated depreciation			(104	)			(52	)
Total assets		$	1,509			$	1,388			Total equity		$	1,509		$	1,388

LARKSPUR CO. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019
		2019
Sales			$	620
Cost of goods sold				(420	)
Depreciation expense				(52	)
Compensation expense				(27	)
Net income			$	121

Summary of Significant Accounting Policies Inventory: The company accounts for inventory by the LIFO method. The current cost of the companys inventory, which approximates FIFO, was $72 and $62 higher at the end of fiscal 2019 and 2018, respectively, than those reported in the balance sheet.

Prepare Larkspurs December 31, 2020, balance sheet and an income statement for the year ended December 31, 2020. In columns beside 2020s numbers, include 2019s numbers as they would appear in the 2020 financial statements for comparative purposes. (List Assets in order of liquidity.)

LARKSPUR CO. Balance Sheet
		2020		2019
		$		$
		$		$
		$
		$		$

LARKSPUR CO. Income Statement
		2020		2019
		$		$
		$

Compute Larkspurs inventory turnover for 2019 and 2020 under both LIFO and FIFO. Assume averages are equal to year-end balances where necessary. (Round answers to 2 decimal places, e.g. 52.75. Do not leave any field blank. Enter 0 for the amounts if the answer is N/A.)

		2020		2019
LIFO
FIFO