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Inventories | 12 Months Ended
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Jul. 31, 2012
Inventories | 4. INVENTORIES Major classifications of inventories are:
|  | July 31, |
|  | 2012 |  |  | 2011 |
Finished products |  | $ | 16,570 |  |  | $ | 14,179 |
Work in process |  |  | 59,803 |  |  |  | 48,575 |
Raw materials |  |  | 104,446 |  |  |  | 104,360 |
Chassis |  |  | 39,044 |  |  |  | 46,548 |
Subtotal |  |  | 219,863 |  |  |  | 213,662 |
Excess of FIFO costs over LIFO costs |  |  | (33,780) |  |  |  | (29,164) |
Total inventories |  | $ | 186,083 |  |  | $ | 184,498 |
Of the $219,863 and $213,662 of inventory at July 31, 2012 and 2011, all but $36,887 and $25,530, respectively, at certain subsidiaries were valued on a last-in, first-out basis. The $36,887 and $25,530 of inventory were valued on a first-in, first-out method. The Company’s reserves for inventory obsolescence were $1,866 at July 31, 2012 and $2,039 at July 31, 2011.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 9 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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