If the value of work in progress (or stocks, components) has risen strongly then the first story is more likely to be true.

FORBES: Which Way Are Apple's Results Going To Go? One Tiny Technical Point To Watch

If the value of stocks or work in progress has fallen (obviously, both need to be measured as a portion of sales, not just as simple levels) then the second answer becomes more likely.

FORBES: Which Way Are Apple's Results Going To Go? One Tiny Technical Point To Watch