Which of the statements arising from a third level break down of ROCE is NOT true?

	1.	An increase in the Accounts Payable balance will result in an increase in ROCE, assuming all else remains unchanged
	2.	An increase in the inventory balance will lead to an increase in ROCE, assuming all else remains the same
	3.	A reduction in Accounts Receivable turnover will result in a decrease in ROCE, assuming all else remains unchanged
	4.	A reduction in production costs will result in an increase in ROCE, assuming all else remains unchanged