First of all, welcome to Ditka Enterprises. You have raised excellent questions regarding the accounting for the inventory and consignment products at Ditka. I have been Ditka's auditor for the past two years, and hope that my expertise can assist you in your new role.
Since the brandname goods are shipped FOB shipping point, title passes to Ditka Enterprises at the time they are shipped. The goods are properly recorded in the Inventory Goods Purchased account upon shipping.
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