3M Company reports the following financial statement amounts in its 10-K report: a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and

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3M Company reports the following financial statement amounts in its 10-K report:

a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (Receivables turnover and inventory turnover are discussed in Chapters 6 and 7, respectively.)

b. What changes are evident in the turnover rates of 3M for these years? Discuss ways in which a company such as 3M can improve its turnover within each of these three areas.

($ millions) Sales Cost of Sales Receivables Inventories PPE, net 2018... $32,765 $16,682 $5.020 $4,366 $8,738 ...... 2017. 31,657 16,055 4,911 4,034 8,866 2016. 30,109 15,118 4,392 3,385 8,516