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Note 5 - Inventories | 3 Months Ended
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Mar. 01, 2025
Notes to Financial Statements |
Inventory Disclosure [Text Block] | 5. Inventories Domestic furniture inventories are valued at the lower of cost, which is determined using the last-in, first-out (LIFO) method, or market. Imported inventories and those applicable to our Lane Venture and Bassett Outdoor lines are valued at the lower of cost, which is determined using the first-in, first-out (FIFO) method, or net realizable value. Inventories were comprised of the following:
|  | March 1, 2025 |  |  | November 30, 2024 |
Wholesale finished goods |  | $ | 25,680 |  |  | $ | 24,841 |
Work in process |  |  | 566 |  |  |  | 519 |
Raw materials and supplies |  |  | 16,602 |  |  |  | 14,921 |
Retail merchandise |  |  | 32,637 |  |  |  | 31,744 |
Total inventories on first-in, first-out method |  |  | 75,485 |  |  |  | 72,025 |
LIFO adjustment |  |  | (11,803 | ) |  |  | (11,665 | )
Reserve for excess and obsolete inventory |  |  | (5,579 | ) |  |  | (5,395 | )
|  | $ | 58,103 |  |  | $ | 54,965 |
We estimate an inventory reserve for excess quantities and obsolete items based on specific identification and historical write-offs, taking into account future demand, market conditions and the respective valuations at LIFO. The need for these reserves is primarily driven by the normal product life cycle. As products mature and sales volumes decline, we rationalize our product offerings to respond to consumer tastes and keep our product lines fresh. If actual demand or market conditions in the future are less favorable than those estimated, additional inventory write-downs may be required. In determining reserves, we calculate separate reserves on our wholesale and retail inventories. Our wholesale inventories tend to carry the majority of the reserves for excess quantities and obsolete inventory due to the nature of our distribution model. These wholesale reserves primarily represent design and/or style obsolescence. Typically, product is not shipped to our retail warehouses until a consumer has ordered and paid a deposit for the product. We do not typically hold retail inventory for stock purposes. Consequently, floor sample inventory and inventory for delivery to customers account for the majority of our inventory at retail. Retail reserves are based on accessory and clearance floor sample inventory in our stores and any inventory that is not associated with a specific customer order in our retail warehouses. Activity in the reserves for excess quantities and obsolete inventory by segment are as follows:
|  | Wholesale Segment |  |  | Retail Segment |  |  | Total |
Balance at November 30, 2024 |  | $ | 4,158 |  |  | $ | 1,237 |  |  | $ | 5,395 |
Additions charged to expense |  |  | 365 |  |  |  | 161 |  |  |  | 526 |
Write-offs |  |  | (192 | ) |  |  | (150 | ) |  |  | (342 | )
Balance at March 1, 2025 |  | $ | 4,331 |  |  | $ | 1,248 |  |  | $ | 5,579 |
Our estimates and assumptions have been reasonably accurate in the past. We have not made any significant changes to our methodology for determining inventory reserves in 2025 and do not anticipate that our methodology is likely to change in the future.

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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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