3M Company reports the following financial statement amounts in its 10-K report: ($ millions) Sales Cost of

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

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($ millions) Sales Cost of Sales Receivables Inventories PPE, net 2014. $31,821 $16,447 $4,238 $3,706 $8,489 2013 30,871 16,106 4,253 3,864 8,652 2012. 29,904 15,685 4,061 3,837 8,378 a. Compute the receivables, inventory, and PPE turnover ratios for both 2014 and 2013. (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.