Final answer:
Under FOB shipping point terms, the buyer owns the inventory while it is in transit, taking ownership as soon as the goods are shipped from the seller.
Step-by-step explanation:
In the scenario where inventory worth $8,740 is shipped to a customer with the shipping terms FOB shipping point, ownership of the inventory passes to the buyer at the moment the goods leave the seller's shipping dock. Therefore, during transit, the inventory belongs to the buyer. The term 'FOB shipping point' specifically means that the buyer takes ownership and assumes responsibility for the goods as soon as they are shipped. This implies that the buyer is also responsible for any shipping costs and risks of loss or damage to the goods during transit. FOB shipping point means that the buyer takes ownership and responsibility for the goods as soon as they leave the seller's premises. Therefore, in this case, the buyer owns the inventory while it is in transit.