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INVENTORIES | 12 Months Ended
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Jul. 31, 2016
INVENTORIES | 5. INVENTORIES Major classifications of inventories are:
|  | July 31, |
|  | 2016 |  |  | 2015 |
Finished products – RV |  | $ | 39,943 |  |  | $ | 35,693 |
Finished products – other |  |  | 20,141 |  |  |  | 18,045 |
Work in process |  |  | 97,872 |  |  |  | 51,556 |
Raw materials |  |  | 173,362 |  |  |  | 133,482 |
Chassis |  |  | 102,686 |  |  |  | 37,739 |
Subtotal |  |  | 434,004 |  |  |  | 276,515 |
Excess of FIFO costs over LIFO costs |  |  | (30,135 | ) |  |  | (30,400 | )
Total inventories |  | $ | 403,869 |  |  | $ | 246,115 |
Of the $434,004 and $276,515 of inventory at July 31, 2016 and 2015, $219,050 and $204,017, respectively, was valued on the last-in, first-out (LIFO) basis, and $214,954 and $72,498, respectively, was valued on the first-in, first-out (FIFO) method. The fiscal 2016 acquisition of Jayco accounted for $138,292 of the $142,456 increase in FIFO inventory during fiscal 2016. The Company’s reserves for inventory obsolescence were $4,840 at July 31, 2016 and $3,638 at July 31, 2015, with the increase primarily due to the fiscal 2016 acquisition of Jayco.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + 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 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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