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INVENTORIES

3 Months Ended

Mar. 29, 2014

NOTE 3 - INVENTORIES

Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation.

Inventories consist of the following:

	March 29, 2014			December 31, 2013
Inventory at FIFO
Finished products	$	11,722		$	6,552
Materials and work in process		58,898			57,647
Gross inventories		70,620			64,199
Less: LIFO reserve		(38,904	)		(38,516	)
Less: excess and obsolescence reserve		(2,579	)		(2,422	)
Net inventories	$	29,137		$	23,261

- 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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