Which of the following is most likely to increase a company's return on invested capital (ROIC), all else equal?

I.A reduction in inventory, while sales revenue and margins stay the same.

II.A reduction in accounts payable, while sales revenue and margins stay the same.

III.A new investment in a Group 2 project.

IV.A new investment in operating assets, while sales revenue and margins stay the same.

V.A reduction in the manufacturing cost per unit.