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Inventories

3 Months Ended

Jul. 03, 2011

Note 5 – Inventories

Inventories at July 3, 2011 and April 3, 2011 consisted of the following:


	July 3,			April 3,
	2011			2011
(In thousands)
Finished goods (FIFO basis)	$	38,680		$	35,071
LIFO reserve		(6,149	)		(5,854	)

Net inventory	$	32,531		$	29,217

The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $32.0 million at July 3, 2011 and $28.6 million at April 3, 2011. The remainder of the inventory was valued and accounted for under the FIFO method.

We increased the LIFO reserve by $0.3 million in the quarter ended July 3, 2011 and $0.8 million in the quarter ended June 30, 2010 as a result of the changes in inventory costs and inventory product mix. The valuation of LIFO inventory for interim periods is based on our estimates of year-end inventory levels and costs.

- 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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