Question

Q 6.6: niles industries is a merchandising company. it currently holds $6,000 in consignment goods for martin corporation. in addition, it has $4,000 in fob shipping point goods in transit to delta enterprises and $5,000 in fob destination goods in transit to troy manufacturing. finally, niles has $7,000 in fob destination goods in transit from gregg supply. for which group of goods does niles hold the title?

Answer 1

Niles holds the title for fob destination goods which includes the $5,000 in transit to troy manufacturing. Martin corporation holds the title for the $6,000 in consignment goods. Delta enterprises holds the title for the $4,000 in goods because title transitioned when the goods were shipped. Niles has does not have title to the $7,000 in goods from Gregg Supply because title does not transition until the goods are received by Niles.