Computing and Evaluating Receivables, Inventory, and PPE Turnovers 3M Company reports the following financial statement amounts in its 10-K report: ($ millions) Sales Cost of Sales Receivables Inventories PPE, net Year 3 $31,611 $3,416 $7,666 Year 2 28,662 $17,693 15,831 13,109 3,155 7,279 2,639 7,000 Year 1 24,123 Required Compute the receivables, inventory, and PPE turnover ratios for both Year 3 and Year 2. (Receivables turnover and inventory turnover are discussed in Chapters 6 and 7, respectively) Round to two decimal places. Receivable turnover rate: Year 3 Year 2 Inventory turnover rate: Year 3 Year 2 PPE turnover rate: Year 3 Year 2 $3,867 3,615 3,250 Check

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