NOTE 8 – INVENTORIES

	February 2,			February 3,
	2020			2019
Finished furniture	$	106,495		$	112,847
Furniture in process		1,304			1,825
Materials and supplies		8,479			10,896
Inventories at FIFO		116,278			125,568
Reduction to LIFO basis		(23,465	)		(20,364	)
Inventories	$	92,813		$	105,204

If the first-in, first-out (FIFO) method had been used in valuing all inventories, net income would have been $19.5 million in fiscal 2020, $41.5 million in fiscal 2019, and $28.1 million in fiscal 2018. We recorded LIFO expense of $3.1 million in fiscal 2020, $2.1 million in fiscal 2019, and LIFO income of $225,000 in fiscal 2018.

At February 2, 2020 and February 3, 2019, we had $424,000 and $1.3 million, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above.

At February 2, 2020, we held $9.6 million in inventory outside of the United States, in China and in Vietnam. At February 3, 2019, we held $8.1 million in inventory outside of the United States, in China and in Vietnam.