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INVENTORIES | 12 Months Ended
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Dec. 31, 2020
INVENTORIES |
INVENTORIES | 5. INVENTORIES At December 31, 2020 and 2019, inventories consisted of:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Finished shoes | ​ | $ | 78,158 | ​ | $ | 105,340
LIFO reserve | ​ |  | (19,133) | ​ |  | (18,627)
Total inventories | ​ | $ | 59,025 | ​ | $ | 86,713
​ Finished shoes included inventory in-transit of $7.1 million and $18.3 million at December 31, 2020 and 2019, respectively. At both December 31, 2020 and 2019, approximately 91% of the Company’s inventories were valued by the LIFO method of accounting while approximately 9% were valued by the FIFO method of accounting. The Company reduced its inventory levels in 2020 in light of decreased demand resulting from the COVID-19 pandemic. ​ During 2020, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2020 purchases; the effect of the liquidations decreased cost of sales by $261,000. During 2019, there were liquidations of LIFO inventory quantities which resulted in immaterial decreases in cost of sales.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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