E8-30. Computing and Evaluating Receivables, Inventory, and PPE Turnovers 3M Company reports the following financial statement amounts in its 10-K report: ($ millions) Sales Receivables 2018............. 2017 ....... 2016............. $32,765 31,657 30,109 Cost of Sales $16,682 16,055 15,118 $5,020 4,911 4,392 Inventories $4,366 4,034 3,385 PPE, net $8,738 8,866 8,516 a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (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