The journal entry for inventory in transit is:
Debit Inventory in Transit
. Credit Overseas Accounts Payable (notice the high overseas payables balance, which is a strategic shift in procurement policies)
Some of those creditors may have been paid resulting in an additional:
Debit Overseas Accounts Payable
. Credit Cash
None of this impacts COGS. To calculate inventory days and/or stock turn reduce the opening and closing balances by the value of inventory in transit, but do not change your COGS numbers.