Indicate whether the failure to include in-transit inventory as part of the physical count results in an over- statement, understatement, or no effect on the following ratios. a. Gross margin ratio b. Profit margin ratio c. Acid-test ratio d. Current ratio

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