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Inventories, net
 8 Months Ended
Jul. 09, 2021
Inventory Disclosure [Abstract]  
Inventories, net

Note 2 – Inventories, net

 

Inventories are comprised of the following at the respective period ends:

 

   (unaudited)     
   July 9, 2021   October 30, 2020 
Meat, ingredients, and supplies  $9,453   $6,439 
Work in progress   3,484    1,860 
Finished goods   21,580    20,997 
Inventories, net  $34,517   $29,296 

 

Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventories include the cost of raw materials, labor, and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. A net realizable value reserve of $1,561 was recorded during the thirty-six week period of the 2021 fiscal year after determining that the market value on some meat products was less than the costs associated with completion and sale of the product.