Ownership decides what belongs in ending inventory — not who is holding it, or where it happens to be sitting.
Goods we bought FOB shipping point, still in transit. Goods we sold FOB destination, still in transit. Our own goods out on consignment.
Goods we bought FOB destination, still in transit. Goods we sold FOB shipping point, still in transit. Another company's goods we are holding on consignment.
belong to whoever holds title under the shipping terms: FOB shipping point means the buyer owns them the moment they leave the seller's dock; FOB destination means the seller owns them until they arrive.
never change hands in ownership terms. The counts them no matter who is displaying them; the never counts goods that are not its own.