INVENTORIES

12 Months Ended

Jul. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Major classifications of inventories are as follows:

 

	July 31, 2024		July 31, 2023
Finished goods – RV	$	249,949	$	164,456
Finished goods – other	91,371		93,476
Work in process	261,043		313,006
Raw materials	434,165		563,614
Chassis	478,220		681,122
Subtotal	1,514,748		1,815,674
Excess of FIFO costs over LIFO costs	(148,110)		(162,604)
Total inventories, net	$	1,366,638	$	1,653,070

Of the $1,514,748 and $1,815,674 of inventories at July 31, 2024 and July 31, 2023, $1,109,062 and $1,224,069, respectively, was valued on the first-in, first-out (“FIFO”) basis, and $405,686 and $591,605, respectively, was valued on the last-in, first-out (“LIFO”) basis. During fiscal years 2024 and 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 these liquidations was to increase consolidated net income before income taxes in fiscal 2024 by approximately $29,200, with $23,900 in the North American Motorized segment and the remainder in the North American Towable segment, and to increase consolidated net income before income taxes in fiscal 2023 by approximately $8,300, all in the North American Towable segment.