Consigned goods are products not owned by the party in physical possession of them. The party holding the goods (the consignee) has typically been authorized by the owner of the goods (the consignor) to sell the goods.
What are examples of consigned goods?
Examples of goods often sold on consignment include light bulbs, produce, eggs, poultry, magazines, newspapers, Christmas decorations, garden seeds, batteries for flashlights and potted plants such as those found in supermarkets.
What are the types of consignment?
The two types of consignment are:
- Outward Consignment: When goods are sent from one country to another for the purpose of sale, the consignment is called outward consignment.
- Inward Consignment: When the goods are sold domestically for the purpose of sale then it is called inward consignment.
