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INVENTORIES | 12 Months Ended
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Jul. 31, 2023
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Major classifications of inventories are as follows:
|  | July 31, 2023 |  | July 31, 2022
Finished goods – RV |  | $ | 164,456 |  |  | $ | 236,311 |
Finished goods – other |  | 93,476 |  |  | 126,570 |
Work in process |  | 313,006 |  |  | 397,495 |
Raw materials |  | 563,614 |  |  | 838,474 |
Chassis |  | 681,122 |  |  | 293,375 |
Subtotal |  | 1,815,674 |  |  | 1,892,225 |
Excess of FIFO costs over LIFO costs |  | (162,604) |  |  | (137,452) |
Total inventories, net |  | $ | 1,653,070 |  |  | $ | 1,754,773 |
Of the $1,815,674 and $1,892,225 of inventories at July 31, 2023 and July 31, 2022, $1,224,069 and $1,170,554, respectively, was valued on the first-in, first-out (“FIFO”) method, and $591,605 and $721,671, respectively, was valued on the last-in, first-out (“LIFO”) basis. During fiscal 2023 the amount of inventories in certain LIFO pools decreased and resulted in the liquidation of LIFO inventory layers carried at lower costs. The effect of this liquidation was to increase net income before income taxes by approximately $8,300, all in the North American Towable segment.

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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/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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