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Inventories

12 Months Ended

Dec. 29, 2012

Note 3 Inventories

Merchandise inventories, as of December 29, 2012 and December 31, 2011, were valued as follows:


(dollars in thousands)		2012		2011
LIFO	$	187,847	$	173,879
Average cost		57,396		52,312
	$	245,243	$	226,191

Management believes the use of the LIFO method for valuing certain inventories represents the most appropriate matching of costs and revenues in the Company's circumstances. If all inventories were valued on the average cost method, which approximates current cost, total inventories would have been $78,330,000 and $77,129,000 higher than as reported on the above methods as of December 29, 2012 and December 31, 2011, respectively. During 2011, the Company realized a decrement of $5.6 million in its LIFO pools.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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