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NOTE 7 - INVENTORIES | 12 Months Ended
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Jan. 29, 2017
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] | NOTE 7 – INVENTORIES
|  | January 29, |  |  | January 31, |
|  | 2017 |  |  | 2016 |
Finished furniture |  | $ | 85,520 |  |  | $ | 55,120 |
Furniture in process |  |  | 735 |  |  |  | 727 |
Materials and supplies |  |  | 7,536 |  |  |  | 7,994 |
Inventories at FIFO |  |  | 93,791 |  |  |  | 63,841 |
Reduction to LIFO basis |  |  | (18,488 | ) |  |  | (20,128 | )
Inventories |  | $ | 75,303 |  |  | $ | 43,713 |
If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $24.2 million in fiscal 2017, $16.5 million in fiscal 2016, and $13.4 million in fiscal 2015. We recorded LIFO income of $1.6 million in fiscal 2017, while we recorded LIFO expense of $499,000 in fiscal 2016, and $1.3 million expense in fiscal 2015. At January 29, 2017 and January 31, 2016, we had approximately $1.2 million and $1.3 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 29, 2017, we held $11.9 million in inventory (approximately 3.7% of total assets) outside of the United States in China, Vietnam and Canada. At January 31, 2016, we held $11.0 million in inventory (approximately 6% of total assets) outside of the United States, in China and Vietnam.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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