Which of the following factors does not directly affect the firm's investment in working capital?

A) The firm's inventory and credit policies
B) The age of the firm's plant and equipment
C) The firm's sales level
D) The length of the firm's operating cycle

Working Capital Investment

Funds invested in the short-term assets of a company, such as inventory and receivables, to support its day-to-day operations.

Credit Policies

The guidelines that a company follows to determine credit limits, terms, and conditions for its customers.