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Inventories

12 Months Ended

Jul. 31, 2013

5. INVENTORIES

Major classifications of inventories are:


	July 31,
	2013			2012
Finished products	$	9,888		$	16,570
Work in process		36,188			59,803
Raw materials		99,154			104,446
Chassis		34,108			39,044

Subtotal		179,338			219,863
Excess of FIFO costs over LIFO costs		(26,302	)		(33,780	)

Total inventories	$	153,036		$	186,083

Of the $179,338 and $219,863 of inventory at July 31, 2013 and 2012, all but $15,335 and $36,887, respectively, at certain subsidiaries were valued on a last-in, first-out basis. The $15,335 and $36,887 of inventory were valued on a first-in, first-out method.

The Company’s reserves for inventory obsolescence were $2,393 at July 31, 2013 and $1,866 at July 31, 2012.

- 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.

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