Dell GX270 - beep code indicates memory, but maybe bad caps?

I have an Optiplex GX270 desktop.  When booting, the beep code is 1-3-2 but using known good memory makes no difference.  None of the caps appear swollen and none are leaking, but I'm out of ideas to try.  I left the CMOS battery out overnight and just tried it again - same beep code.  What is the likelihood that bad caps could cause this kind of problem?

It could be, the GX270 is notorious for bad caps

Right, I've had several bad ones and even had a few fixed.  I just didn't know if the memory beep codes could be caused by bad caps - I've never run across one that wasn't fixed by replacing the bad RAM stick, so I thought I'd ask.

Just checking in... has anyone seen this kind of memory error caused by bad caps?  I'm not opposed to fixing this unit, I just want to narrow my gremlin-chasing as much as possible before I start.