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NOTE 5 - INVENTORIES

12 Months Ended

Jan. 29, 2012

NOTE 5 – INVENTORIES

	January 29,			January 30,
	2012			2011
Finished furniture	$	42,656		$	63,201
Furniture in process		580			639
Materials and supplies		7,942			9,065
Inventories at FIFO		51,178			72,905
Reduction to LIFO basis		(17,042	)		(15,467	)
Inventories	$	34,136		$	57,438

If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $5.3 million in fiscal 2012, $5.1 million in fiscal 2011 and $2.2 million in fiscal 2010.

As of January 29, 2012, we held $7.8 million in inventory (approximately 5.3% of total assets) outside of the United States, in China. At January 30, 2011 we held $13.2 million in inventory (approximately 8.8% of total assets) outside of the United States, in China.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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