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goods in transit

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

Merchandise that has been shipped by a supplier but the merchandise has not yet reached the
customer’s location. Goods in transit that were shipped FOB Shipping Point should be included
in the customer’s purchases and inventory. Goods in transit that were shipped FOB Destination
should be reported in the supplier’s inventory.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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