Exercise 8-16 a-b Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 2022 $ 3,700 3,390 310 36,860 7,204 2021 $4,610 4,370 240 39,360 7,278 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnover times The average collection period for 2022 days LINK TO TEXT LINK TO VIDEO Is accounts receivable a material component of the company's total current assets