As per the revenue recognition - If the terms is FOB, then 
this entry is to be passed. ie. only at the time of Risk 
and rewards are transferred to the buyer. 
Goods in transit entry is as follows

Goods in transit (Shown under Inventory schedule) A/c Dr
       To Party (The liability is not understated)

At the time of receipt of goods
Inventory RM A/c Dr
        To Goods in trasit

Net effect is Inventory RM A/c to Party A/c

at the time of consumption the entry is passed as 
RM consumption A/c Dr
     To Inventory RM.