Which of the following statements relating to financial statement analysis is NOT true?

	1.	An increase in the inventory turnover ratio indicates that the firm is generating more sales per dollar invested in inventory than before
	2.	If the firm is profitable and its RNOA exceeds its net borrowing costs, then ROCE will be greater than RNOA
	3.	RNOA is an unlevered measure of profitability
	4.	The common size Balance Sheet expresses items as a percentage of sales in order to measure the efficiency with which each item is being used (i.e., its turnover ratio)