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Inventories | 9 Months Ended
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Oct. 31, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventory is valued at the lower of cost or net realizable value (determined on a first-in, first-out basis (“FIFO”) and includes material, labor, and factory overhead. The Company records valuation adjustments for the excess cost of the inventory over its estimated net realizable value. Valuation adjustments for slow-moving and obsolete inventory involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the Company's financial condition or results of operations. Valuation adjustments for slow-moving and obsolete inventory are calculated using an estimated percentage applied to inventories based on a physical inspection of the product in connection with a physical inventory, a review of slow-moving products and component stage, inventory category, historical and forecasted consumption of sales, and consideration of active marketing programs. The market for educational furniture is traditionally driven by value, not style, and the Company has not typically incurred material obsolescence expenses. If market conditions are less favorable than those anticipated by management, additional valuation adjustments may be required. The Company records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation. The following table presents a breakdown of the Company’s inventories as of October 31, 2024, January 31, 2024 and October 31, 2023:
|  | 10/31/2024 |  | 1/31/2024 |  | 10/31/2023
|  | (In thousands)
Finished goods |  | $ | 17,793 |  |  | $ | 18,861 |  |  | $ | 20,587 |
Work in process |  | 18,137 |  |  | 25,047 |  |  | 23,270 |
Raw materials |  | 13,018 |  |  | 14,463 |  |  | 15,074 |
Total inventories |  | $ | 48,948 |  |  | $ | 58,371 |  |  | $ | 58,931 |

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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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