What is the correct FASB codification for this scenario:  What are the analysis of relevant authoritative guidance and what factors support each of the two opposing arguments that (a) the relationship with Jeffrey does constitute a product financing arrangement, and (b) the inventory purchase agreement with Jeffrey does not constitute a product financing arrangement. Can you please explain why one alternative is more viable or defensible than the other.

Connie is the CEO of Johnson Fish Co., which purchases fish from Maine. After transport, Johnson processes the product by filleting, deboning, and packaging in vacuum-sealed containers, which are then flash-frozen. The fish are stored until sold to restaurants and retail outlets. The closely held corporation is considering expanding its sales territory. As the company plans to take on additional shareholders to finance the expansion, reliable financial reporting will become more important. 

               Johnson's wholly owned subsidiary, Thompson Fish Supply, was established to purchase fish from local fisherman and prepare them for transport. Transportation is provided by a third company, Jeffrey Trucking. Jeffrey purchases the fish and transports the inventory to Johnson's facility for processing by Johnson, then takes possession of the fish again until they are sold to other parties. Because of the various transfers of the product between the parties, two of which are related, Connie was unclear when purchases and sales should be recorded, and how the transactions should be reported in Johnson's financial statements. None of her accounting staff had been able to offer clear-cut solutions to her questions about the accounting and reporting for the purchase and sales transactions between the three companies.