7. Assume 3M Company reports the following financial statement amounts in its 2016 10-K report. ($ millions) 2014..... 2015..... 2016..... Sales $18,232 20,011 21,167 Cost of Goods Sold $ 9,285 9,958 10,381 Receivables, net $2,714 2,792 2,838 Inventories $1,816 1,897 2,162 PPE, net $5,609 5,711 5,593 Compute the accounts receivable turnover ratios for both 2015 and 2016. a. 2015: 7.27 b. 2015: 7.17 C. 2015: 3.57 d. 2015: 3.54 2016: 7.52 2016: 7.46 2016: 3.66 2016: 3.69 7. Assume 3M Company reports the following financial statement amounts in its 2016 10-K report. ($ millions) 2014..... 2015..... 2016..... Sales $18,232 20,011 21,167 Cost of Goods Sold $ 9,285 9,958 10,381 Receivables, net $2,714 2,792 2,838 Inventories $1,816 1,897 2,162 PPE, net $5,609 5,711 5,593 Compute the accounts receivable turnover ratios for both 2015 and 2016. a. 2015: 7.27 b. 2015: 7.17 C. 2015: 3.57 d. 2015: 3.54 2016: 7.52 2016: 7.46 2016: 3.66 2016: 3.69