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INVENTORIES | 12 Months Ended
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Jul. 31, 2014
INVENTORIES | 5. INVENTORIES Major classifications of inventories are:
|  | July 31, |
|  | 2014 |  |  | 2013 |
Finished products |  | $ | 27,424 |  |  | $ | 9,888 |
Work in process |  |  | 49,537 |  |  |  | 36,188 |
Raw materials |  |  | 122,150 |  |  |  | 99,154 |
Chassis |  |  | 45,231 |  |  |  | 34,108 |
Subtotal |  |  | 244,342 |  |  |  | 179,338 |
Excess of FIFO costs over LIFO costs |  |  | (27,988 | ) |  |  | (26,302 | )
Total inventories |  | $ | 216,354 |  |  | $ | 153,036 |
Of the $244,342 and $179,338 of inventory at July 31, 2014 and 2013, all but $36,096 and $15,335, respectively, at certain subsidiaries were valued on a last-in, first-out basis. The $36,096 and $15,335 of inventory were valued on a first-in, first-out method. The Company’s reserves for inventory obsolescence were $2,057 at July 31, 2014 and $2,393 at July 31, 2013.

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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 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: 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 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 + Details
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