Indicate whether the failure to include in-transit inventory as part of the physical count results in an
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Indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement, understatement, or no effect on the following ratios.
a. Gross margin ratio
b. Profit margin ratio
c. Acid-test ratio
d. Current ratio
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The failure to include intransit inventory as part of the physical count could potentially affect va...View the full answer
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