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INVENTORIES

12 Months Ended

Dec. 31, 2021

INVENTORIES

INVENTORIES

6. INVENTORIES

At December 31, 2021 and 2020, inventories consisted of:

​	​	​	​	​	​	​
​		2021			2020
​	​	(Dollars in thousands)
Finished shoes	​	$	99,244	​	$	78,158
LIFO reserve	​		(28,218)	​		(19,133)
Total inventories	​	$	71,026	​	$	59,025

​

Finished shoes included inventory in-transit of $52.6 million and $7.1 million at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, approximately 90% and 91% of the Company’s inventories were valued by the LIFO method of accounting while approximately 10% and 9% were valued by the FIFO method of accounting.

​

During 2021, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2021 purchases; the effect of the liquidations decreased cost of sales by $181,000. 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

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- References

No definition available.

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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

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