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NOTE 6 - INVENTORIES | 12 Months Ended
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Jan. 28, 2018
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] | NOTE 6 – INVENTORIES
|  | January 28, |  |  | January 29, |
|  | 2018 |  |  | 2017 |
Finished furniture |  | $ | 92,502 |  |  | $ | 85,520 |
Furniture in process |  |  | 1,440 |  |  |  | 735 |
Materials and supplies |  |  | 8,780 |  |  |  | 7,536 |
Inventories at FIFO |  |  | 102,722 |  |  |  | 93,791 |
Reduction to LIFO basis |  |  | (18,263 | ) |  |  | (18,488 | )
Inventories |  | $ | 84,459 |  |  | $ | 75,303 |
If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $28 million in fiscal 2018, $24.2 million in fiscal 2017, and $16.5 million in fiscal 2016. We recorded LIFO income of $340,000 in fiscal 2018, while we recorded LIFO income of $1.6 million in fiscal 2017, and $499,000 LIFO expense in fiscal 2016. At both January 28, 2018 and January 29, 2017, we had approximately $3.2 million, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 28, 2018, we held $10.5 million in inventory (approximately 3.0% of total assets) outside of the United States, in China and in Vietnam. At January 29, 2017, we held $11.9 million in inventory (approximately 3.7% 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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