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INVENTORIES
 12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]
6. INVENTORIES
 
At December 31, 2018 and 2017, inventories consisted of:
 
 
 
2018
 
 
2017
 
 
 
(Dollars in thousands)
 
Finished shoes
 
$
91,276
 
 
$
78,772
 
LIFO reserve
 
 
(18,592
)
 
 
(18,502
)
Total inventories
 
$
72,684
 
 
$
60,270
 
 
Finished shoes included inventory in-transit of $24.2 million and $17.3 million at December 31, 2018 and 2017, respectively. At December 31, 2018, approximately 89% of the Company’s inventories were valued by the LIFO method of accounting while approximately 11% were valued by FIFO method of accounting. At December 31, 2017, approximately 86% of the Company’s inventories were valued by the LIFO method of accounting while approximately 14% were valued by the FIFO method of accounting.
 
During 2018, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2018 purchases; the effect of the liquidation decreased cost of sales by $87,000 in 2018. During 2017, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2017 purchases. The effect of the liquidation decreased cost of sales by $301,000 in 2017.