INVENTORIES

12 Months Ended

Jul. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Major classifications of inventories are as follows:

 

	July 31, 2023		July 31, 2022
Finished goods – RV	$	164,456	$	236,311
Finished goods – other	93,476		126,570
Work in process	313,006		397,495
Raw materials	563,614		838,474
Chassis	681,122		293,375
Subtotal	1,815,674		1,892,225
Excess of FIFO costs over LIFO costs	(162,604)		(137,452)
Total inventories, net	$	1,653,070	$	1,754,773

Of the $1,815,674 and $1,892,225 of inventories at July 31, 2023 and July 31, 2022, $1,224,069 and $1,170,554, respectively, was valued on the first-in, first-out (“FIFO”) method, and $591,605 and $721,671, respectively, was valued on the last-in, first-out (“LIFO”) basis. During fiscal 2023 the amount of inventories in certain LIFO pools decreased and resulted in the liquidation of LIFO inventory layers carried at lower costs. The effect of this liquidation was to increase net income before income taxes by approximately $8,300, all in the North American Towable segment.