The size of a firm's investment in working capital is a function of all of the following factors except:

A) sales level.
B) inventory policies.
C) credit policies.
D) stockholders equity.

Inventory Policies

Guidelines or strategies used by a company to maintain optimal inventory levels and manage its inventory costs.

Stockholders Equity

Represents the ownership interest of shareholders in a corporation, calculated as total assets minus total liabilities.

Credit Policies

Guidelines that set the criteria for extending credit to customers, including terms of payment and requirements for creditworthiness.