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INVENTORIES | 12 Months Ended
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Jan. 31, 2021
Inventory Disclosure [Abstract] |
Inventory Disclosure [Text Block] | NOTE 7 – INVENTORIES
|  | January 31, |  |  | February 2, |
|  | 2021 |  |  | 2020 |
Finished furniture |  | $ | 81,290 |  |  | $ | 106,495 |
Furniture in process |  |  | 1,397 |  |  |  | 1,304 |
Materials and supplies |  |  | 9,639 |  |  |  | 8,479 |
Inventories at FIFO |  |  | 92,326 |  |  |  | 116,278 |
Reduction to LIFO basis |  |  | (22,167 | ) |  |  | (23,465 | )
Inventories |  | $ | 70,159 |  |  | $ | 92,813 |
If the first-in, first-out (FIFO) method had been used in valuing all inventories, net loss would have been $11.1 million in fiscal 2021, net income would have been $19.5 million in fiscal 2020 and $41.5 million in fiscal 2019. We recorded LIFO income of $1.3 million in fiscal 2021, LIFO expense of $3.1 million in fiscal 2020 and $2.1 million in fiscal 2019. At January 31, 2021 and February 2, 2020, we had $355,000 and $424,000, respectively, in consigned inventories, which are included in the “Finished furniture” line in the table above. At January 31, 2021, we held $8.4 million in inventory outside of the United States, in China and in Vietnam. At February 2, 2020, we held $9.6 million in inventory outside of the United States, in China and in 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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