M6-23. Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions): Pg. 6-38 Procter & Gamble Colgate-Palmolive Accounts Accounts Fiscal Year Net Sales Receivable Fiscal Year Sales Receivable June 30, 2020. . .. $70,950 $4.178 December 31, 2019 . . .. $15,693 $1.440 June 30, 2019. . . . 67,684 4,951 December 31, 2018 . . . . 15,544 1,400 a. Compute accounts receivable turnover and average collection period for both companies. b. Identify and discuss a potential explanation for the difference between these competitors' ac- counts receivable turnover